Brent crude futures fell 52 cents to settle at $61.56 a barrel after earlier reaching a session high of $63.29 a barrel and a low of $60.80. U.S. West Texas Intermediate (WTI) crude futures fell 36 cents to settle at $52.89 a barrel. The contract traded between $54.44 a barrel and $52.16 a barrel during the session.
NEW YORK: Oil prices dipped on Wednesday ahead of a meeting of the world's biggest exporters, who will discuss cutting output to help shore up prices and curb excess supply.
The Organization of the Petroleum Exporting Countries, Russia and other producers will meet in Vienna this week to discuss a potential cut in production.
A monitoring committee of OPEC and its allies, including Russia, agreed on the need to cut oil output in 2019, two sources familiar with the discussions said, adding that volumes and the baseline for cuts were being debated.
Brent crude futures fell 52 cents to settle at $61.56 a barrel after earlier reaching a session high of $63.29 a barrel and a low of $60.80.
U.S. West Texas Intermediate (WTI) crude futures fell 36 cents to settle at $52.89 a barrel. The contract traded between $54.44 a barrel and $52.16 a barrel during the session.
Russian Energy Minister Alexander Novak told reporters he had a "good" meeting with his Saudi counterpart, Khalid al-Falih, on Wednesday and they planned more talks.
"All of us, including Russia, agreed there is a need for a reduction," Oman's Oil Minister Mohammed bin Hamad Al-Rumhy told reporters after a ministerial committee that groups Saudi Arabia, Russia and several other producers met on Wednesday.
Russia's No. 2 oil producer Lukoil is ready to cut oil production if OPEC and other leading producers agree to do so, though it would be technically difficult in winter, RIA news agency quoted the company's head Vagit Alekperov as saying.
OPEC wants to avert a buildup in global oil inventories like the one that sent prices from late 2014 into a prolonged slump that brought Brent to below $30 a barrel at the start of 2016.
U.S. President Donald Trump pressured OPEC not to reduce output.
"Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!" Trump wrote on Twitter on Wednesday.
"None of today's comments should have come as a surprise since the key unknown remains the size of any such reduction and how the cuts are distributed," Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
"The Trump administration appears to be maintaining pressure on the Saudis to limit any production cuts in precluding significant price advances from current levels. And the fact that Russia still appears somewhat non-committal would appear to tilt odds in favor of about a 1.0-1.1 million barrels per day reduction."
Saudi Arabian crude supply in November rose to 11.3 million barrels per day, a source familiar with the matter said.. That marks a rise from October's 10.65 million bpd.
U.S. crude inventories rose by 5.4 million barrels in the week to Nov. 30 to 448 million, data from industry group the American Petroleum Institute showed on Tuesday.
Official U.S. government inventory data is due on Thursday, delayed by one day. A Reuters survey forecast a decline of 900,000 barrels. - Reuters
OPEC+ cut more, US (and other producing countries) will output more lah. That will deduce or maintain exisitng price of 60+. Most likely the price cannot go up as reflected by dip of oil price today prior to their meeting.
opec is not united anymore...lol...saudi want everyone to cut together to protect own interest..while others not willing to cut becoz they are already under producing..they always say who pump the most cut more...but saudi say lets cut together...lol
saudi pro\ducing at 105% propse cut 5%...= 100%..while others produce at 70% also cut by 5% =65%...u think they want..all poin middle finger to saudi only...lol..only malaysia will say me potong me potong....
hahahaha...azmin already in the headline say cut cut cut...our country mau makan juga...aiyo...why need to so sure cut or not cut...not your decision mah...is OPEC decision..dont teka teka...just sit down and see only...OPEC not independent anymore if influence by trump...you cut also die...no cut also die...you sit also die,trump sure hit down price...
then they realise when they potong ..rival increase production...then they potong somemore..they increasae again...then end up potong 20% of production...might as well dun potong...now potong n lose more market share...lol
2016 aa margin is 30% 6 billion sales...2 billion profit due to low oil price...2019 same scenario again...11 billion sales 25% margin...already 2.8 billion...close to eps is 0.85 pe 6 = rm5.10, dividend minimum 17 sen...
can u c how much aa revenue expanded over 3 yrs..from 6 to 10 to 11 billion...giv them another 3 yrs...will be 13 billion n more may b...a modest 20% margin will already giv close ro rm1...so sustaining a 20 sen dividend each yr...not to mention special dividend..
aa become asset light becoz they wanna go into transformation n expanding fleet more rapidly...from now on aa is on a different mode than in the past 10 yrs..so ppl are still not used to their new growth stage...never mind by the time they understand they can buy the share at much higher price...
Why people talk about the 0.60sen ?? Who got buy oh that time ?? I remember all out that time !! Most people sold out last year edi if got in at 0.60 !! Now is diff edi !! Now is new 3.10 starting no more the 0.60 edi !! EPF got the lowest 2.60 millions over !!
And now Genting Malaysia also start new 2.89 !! Many out at 5above jor !! Now who holding retail , health care , bank , beers type need becarefull they are very high edi !!
i think many will want to sell on ex n buy lower on adjustment..so wat will happen? the price might up n down so fast u got no chance to buy bak at low...so u might end up buying only 20 sen diff...thats lower than dun sell n keep dividend...
of course it can drop much lower than 40 sen say may drop to 2.20 after ex n u can get it cheaper by 80 sen...nobody knows...wat i do is..i keep the share for dividend...fork out cash equivalent amount of dividend to buy any dip...at lower price...so if it drop further after i got my dividend at the end of month i buy in again...if it rebounds bak to rm3 again...i jus put the cash from dividend back to my reserve...
Air Asia cannot play edi here now stuck edi many people hold !! No sell Now look other counter trust me !!
Tenaga put in wish list dropping !! GenM in only don’t care 3year later only see !! Axiata not bad put in wish list also !! ManU life insurance good also for long term !!
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is ready to cut oil production if OPEC and other leading producers agree to do so, though it would be technically difficult in winter, RIA news agency quoted the company's head Vagit Alekperov as saying.
Brent crude futures fell 52 cents to settle at $61.56 a barrel after earlier reaching a session high of $63.29 a barrel and a low of $60.80. U.S. West Texas Intermediate (WTI) crude futures fell 36 cents to settle at $52.89 a barrel. The contract traded between $54.44 a barrel and $52.16 a barrel during the session.
NEW YORK: Oil prices dipped on Wednesday ahead of a meeting of the world's biggest exporters, who will discuss cutting output to help shore up prices and curb excess supply.
The Organization of the Petroleum Exporting Countries, Russia and other producers will meet in Vienna this week to discuss a potential cut in production.
A monitoring committee of OPEC and its allies, including Russia, agreed on the need to cut oil output in 2019, two sources familiar with the discussions said, adding that volumes and the baseline for cuts were being debated.
Brent crude futures fell 52 cents to settle at $61.56 a barrel after earlier reaching a session high of $63.29 a barrel and a low of $60.80.
U.S. West Texas Intermediate (WTI) crude futures fell 36 cents to settle at $52.89 a barrel. The contract traded between $54.44 a barrel and $52.16 a barrel during the session.
Russian Energy Minister Alexander Novak told reporters he had a "good" meeting with his Saudi counterpart, Khalid al-Falih, on Wednesday and they planned more talks.
"All of us, including Russia, agreed there is a need for a reduction," Oman's Oil Minister Mohammed bin Hamad Al-Rumhy told reporters after a ministerial committee that groups Saudi Arabia, Russia and several other producers met on Wednesday.
Russia's No. 2 oil producer Lukoil
OPEC wants to avert a buildup in global oil inventories like the one that sent prices from late 2014 into a prolonged slump that brought Brent to below $30 a barrel at the start of 2016.
U.S. President Donald Trump pressured OPEC not to reduce output.
"Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!" Trump wrote on Twitter on Wednesday.
"None of today's comments should have come as a surprise since the key unknown remains the size of any such reduction and how the cuts are distributed," Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
"The Trump administration appears to be maintaining pressure on the Saudis to limit any production cuts in precluding significant price advances from current levels. And the fact that Russia still appears somewhat non-committal would appear to tilt odds in favor of about a 1.0-1.1 million barrels per day reduction."
Saudi Arabian crude supply in November rose to 11.3 million barrels per day, a source familiar with the matter said.. That marks a rise from October's 10.65 million bpd.
U.S. crude inventories rose by 5.4 million barrels in the week to Nov. 30 to 448 million, data from industry group the American Petroleum Institute showed on Tuesday.
Official U.S. government inventory data is due on Thursday, delayed by one day. A Reuters survey forecast a decline of 900,000 barrels. - Reuters