Oil falls under $62 US per barrel
Crude-oil prices fell today amid mixed signals from OPEC officials about the possibility of production cuts when the organization meets this week.
Forecasts of warmer U.S. weather also depressed prices.
Light sweet crude for January delivery dropped 31 cents to $61.72 US a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Brent was trading up 13 cents at $62.33 US a barrel on the ICE Futures exchange.
Recent data from the International Energy Agency showed stocks among the 30 members of the Organization for Economic Co-operation and Development at the end of September were 2.76 billion barrels, the highest level in almost eight years and 4.5 per cent higher than a year ago.
Forecasts of warmer U.S. weather also depressed prices.
Light sweet crude for January delivery dropped 31 cents to $61.72 US a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Brent was trading up 13 cents at $62.33 US a barrel on the ICE Futures exchange.
Recent data from the International Energy Agency showed stocks among the 30 members of the Organization for Economic Co-operation and Development at the end of September were 2.76 billion barrels, the highest level in almost eight years and 4.5 per cent higher than a year ago.
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