Oil Prices Dip Over Scepticism Ahead of OPEC Meeting

Oil prices fell early on Tuesday on doubts that producer cartel OPEC will be able to hammer out a meaningful output cut during a meeting on Wednesday to rein in a global supply overhang and prop up prices. 

International Brent crude oil futures were trading at $48.10 per barrel at 0102 GMT, down 14 cents, or 0.3%, from their last close. 

  U.S. West Texas Intermediate crude futures were down 19 cents, or 0.4 %, at $46.89 a barrel. 

 

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 The Organization of the Petroleum Exporting Countries (OPEC) is meeting officially in Vienna on Wednesday to discuss a planned production cut in an effort to curb overproduction that has dogged markets and more than halved prices since 2014. 

 

With a high degree of uncertainty going into the last 24 hours before the meeting, oil price volatility is expected to be high.

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