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Nov 26, 2015
Oil extends losses on Saudi Aramco’s comments
FXStreet (Mumbai) - Oil prices extended losses in a delayed reaction to the Saudi Aramco’s comments, which showed the kingdom may keep production higher in 2016.
Brent Crude Jan futures now trade 1.45% or 69 cents lower at USD 45.48/barrel. WTI oil Jan futures, which were trading dead flat in Europe, are now down 26 cents or 0.6% at USD 42.80/barrel.
Saudi Aramco, the Kingdom’s largest oil producer said, said the producer will not cut production in 2016, but will meet customer's demands.
The comments come a week ahead of the OPEC meting on Dec 4, where the markets expect Saudi to announce a shift in its strategy in order to support prices. However, Saudi Aramco’s comments contradict market expectations, due to which the prices could have extended losses.
Brent Crude Jan futures now trade 1.45% or 69 cents lower at USD 45.48/barrel. WTI oil Jan futures, which were trading dead flat in Europe, are now down 26 cents or 0.6% at USD 42.80/barrel.
Saudi Aramco, the Kingdom’s largest oil producer said, said the producer will not cut production in 2016, but will meet customer's demands.
The comments come a week ahead of the OPEC meting on Dec 4, where the markets expect Saudi to announce a shift in its strategy in order to support prices. However, Saudi Aramco’s comments contradict market expectations, due to which the prices could have extended losses.