SINGAPORE: Oil prices fell in Asia on Wednesday as dealers squared positions following sharp gains in the previous session that were stoked by indications that the OPEC cartel will cut its production target next year.
US benchmark West Texas Intermediate (WTI) for October delivery fell 11 cents to $94.77 while Brent crude for November eased 13 cents to $98.92 in mid-morning trade.
WTI jumped $1.96 on Tuesday while Brent gained $1.17.
“We are seeing some consolidation in the oil market in Asian hours after news of the OPEC production cut led to gains overnight,” Ric Spooner, chief market analyst at CMC Markets in Sydney, told AFP.
In comments widely reported Tuesday, Abdullah El-Badri, secretary-general of the Organization of the Petroleum Exporting Countries (OPEC), said he expected the cartel to trim output in 2015 by about 500,000 barrels per day, from 30 million to 29.5 million.
The cartel is due to hold its next production meeting in Vienna on November 27.
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