A+ A-

Price of light American crude oil drops in Asia

KUALA LUMPUR, Oct 15 (KUNA) -- Prices of forward deals of the light American crude oil, for November's delivery, dropped in the Asian trade 0.36 percent, reaching USD 82.14 per barrel on Wednesday, compared to prices of Tuesday's trades.
The Brent forward transactions for December fell 0.13 percent today to USD 85.83 pb, also in contrast to yesterday's rates. Fall of the American light crude in the Asian trades was attributed to forecast fall of global demand, predicted hike of shale oil output and lack of OPEC's plans to slash the production.
Kuwait's Minister of Oil Ali Al-Omair stated on Sunday that the international cartel would not trim the output to enhance the falling prices, branding such a step as "inffective." The OPEC member states are scheduled to meet in Vienna on November 27 to discuss prospects of altering the targeted overall output of 30 million barrels pd by 2015. (end) mam.rk