ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » World News

Oil prices fall on doubts producers can agree output restraint

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Oil prices fall on doubts producers can agree output restraint
File photo of a worker walking past a pump jack on an oil field owned by Bashneft, Bashkortostan. Image Source: Reuters

Oil prices fell away from five-week highs early on Wednesday, as analysts doubted possible producer talks to rein in ballooning oversupply would be successful.

Brent crude futures were trading at $48.92 per barrel at 0158 GMT, down 31 cents from their last settlement. Despite the dip, prices are still up over 17% since early August and remain not far off a five-week high of $49.36 a barrel reached the previous day.

US West Texas Intermediate (WTI) crude was at $46.38 per barrel, down 20 cents from its last close, but still up 18% from early August.

Traders said that profit-taking following recent rallies was weighing on prices, and there were also doubts that producer talks to rein in oversupply would be successful.

The Organisation of the Petroleum Exporting Countries (OPEC) will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month, with sources citing Saudi Arabia's wish for higher prices.

"The rumour mill around producer cooperation has resumed, spurred by recent comments from Saudi Arabia's oil minister, allowing oil prices to gain," said French bank BNP Paribas.

Yet like many, BNP said it doubted a successful outcome.

"Given the dismal track record when it comes to recent producer cooperation, we are not holding our breath for an eventual freeze in output and even less so for a much-needed reduction in production to help re-balance the oil market."

The last time OPEC and other major producers like Russia met, in April, to discuss ways of reducing the production overhang, talks failed due to disagreement mainly between OPEC rivals Saudi Arabia and Iran.

An OPEC meeting in June also failed to reach an agreement to limit production, and the group's output has since reached new records.

On the demand side, BMI Research said that Chinese imports would be relatively weak, compared with previous record years, as "a domestic fuels glut and scheduled maintenance works at several refineries (will) keep a lid on imports over Q3", although it added that China's long-term imports would be strong due to falling domestic production.

In a separate note, BMI said that refined product demand across Asia would rise.

"Asia will increasingly become the world's pivotal demand centre for refined fuels ... While the strength of the Chinese and Indian consumer has been well documented ... it is important to note the growing contribution from more peripheral Asian markets," BMI said.

"We forecast fuels consumption in Indonesia, Thailand, Pakistan, Vietnam and the Philippines to grow from 3.92 million barrels per day (bpd) in 2015 to 4.49 million bpd by 2020," it added.

 

 

 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
oil pricesMarketsWest Texas Intermediate (WTI)Brent CrudeUSOrganisation of Petroleum Exporting Countries (OPEC)Saudi ArabiaIranRussia
Written By: Reuters
Updated: Wed, Aug 17, 2016
08:42 am
Singapore , Reuters
RELATED NEWS
Oil rises to over $80 per barrel  as dollar slumps on slowing inflation Oil rises to over $80 per barrel as dollar slumps on slowing inflation
Foreign investors inflows hit 20-month high of Rs 51,200 cr in August amid improving risk and stable crude oil prices Foreign investors inflows hit 20-month high of Rs 51,200 cr in August amid improving risk and stable crude oil prices
"It is our moral duty to ensure best deal, India can't afford higher oil prices..." EAM Jaishankar on importing Russian oil
Crude below $100– Anil Singhvi decodes factors triggering steep fall in oil prices Crude below $100– Anil Singhvi decodes factors triggering steep fall in oil prices
Oil prices skid as US President Joe Biden pushes for fuel cost cuts Oil prices skid as US President Joe Biden pushes for fuel cost cuts

LATEST NEWS

Fed meeting outcome, Budget 2023 impact, weekly expiry among 10 factors that may determine Sensex, Nifty movement on Thursday

Budget 2023: Startups incorporated till March 2024 to get income tax benefits

Q3 Results 2023: Jubilant Foodworks, Ashok Leyland, Tata Chemicals, Mahindra Logistics announce quarterly earnings - HIGHLIGHTS

Budget 2023: No income tax up to Rs 7 lakh; new Income Tax slabs rejigged - details

Budget 2023: Fully imported cars, including EVs, to cost more

Sanjiv Bhasin stocks, strategy on Zee Business: BUY Bank of Baroda, IDFC First Bank, Concor, Ultra Tech, SBI | Check price targets

Budget 2023: Health sector allocation sees 13% hike; mission to eliminate sickle cell anaemia announced

Union Budget: Download Budget 2023-24 PDF Document - Step-by-step guide

Delhi weather, temperature today forecast: Windy morning in national capital; Air quality in moderate category

Budget: Govt to cut import duty on raw material for lab-grown diamonds

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV