close
Wednesday May 08, 2024

Oil mixed

By our correspondents
October 26, 2016

Singapore

Oil prices were mixed in choppy trade on Tuesday as disagreement flared within producer cartel OPEC on who should cut how much production in a planned coordinated reduction to prop up prices.

International Brent crude oil futures fell 5 cents to $51.41 per barrel as of 0655 GMT from their last close. U.S. West Texas Intermediate (WTI) crude futures turned positive, gaining 5 cents to $50.57 a barrel, late in the Asia time zone after being negative, falling to a low of $50.37 a barrel, for much of the Asia session.  The dollar, which held near nine-month highs against a basket of major currencies, weighed on prices. A strong dollar makes greenback-denominated commodities including oil more expensive for holders of other currencies.

Iraq´s oil minister Jabar Ali al-Luaibi said on Sunday the second-largest producer in the OPEC wanted to be exempt from output curbs as it needed more money to fight Islamic State militants.