Oil trends weaker as Russia keeps output steady
ecPulse
2014-12-17 10:52AM UTC
Crude oil extended losses in Asian trading on Wednesday after touching $54 a barrel on Tuesday; it’s lowest since May 2009, amid escalating fears of a slowdown in the global economy and continued weak demand against supply in markets. The drop in oil prices was supported by oil-producing companies insisting on keeping output unchanged, where the Russian Energy Minister Alexander Novak said on Tuesday that Russia (one of the three largest producers of crude) does not intend to cut production in order not to lose its market share. Russia, alongside with the Organization of the Petroleum Exporting Countries (OPEC) agreed not to cut production ceiling to maintain market shares, especially that Saudi Arabia and UAE said there is no need for an emergency meeting of OPEC, and that markets will stabilize at the end of the day without a pressing need to cut output. Oil prices are expected to remain volatile with tendency to drop if market data remained unchanged, in addition to the continued market share war that will only be solved by joint cooperation among oil producing countries. Crude oil for delivery in December dropped 0.94% to $55.73 a barrel at 07:44 GMT.
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