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Oil prices mixed amid market uncertainty over output cut

Xinhua, November 23, 2016 Adjust font size:

Oil prices closed mixed on Tuesday as market is sensitive to any news concerning oil producers' diplomatic effort in finalizing an output freeze deal.

According to media reports, a Nigerian official said on Tuesday that the Organization of Petroleum Exporting Countries (OPEC) was likely to reach a consensus over the output cut deal, one of its kinds since 2008. However, a separate piece of news said Iran and Iraq raised certain conditions for participating in the deal.

Sensitive to news concerning the deal, market saw rather volatile trade during the session, with oil prices initially rising and then slumping back.

The West Texas Intermediate for January Delivery lost 0.21 U.S. dollars to settle at 48.03 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery added 0.22 U.S. dollars to close at 49.12 U.S. dollars a barrel on the London ICE Futures Exchange. Enditem