27 November 2007 06:07 [Source: ICIS news]
SINGAPORE (ICIS news)--Crude futures weakened in early Asian trade on Tuesday, with NYMEX light sweet crude (WTI) falling below $97/bbl on expectations that OPEC could raise production at its next meeting and worries over the US economy.
At 5:00 GMT, January NYMEX light sweet crude futures were trading at $96.88/bbl, down $0.82/bbl on Monday’s close, after hitting a low of $96.61/bbl earlier.
Meanwhile, January ICE Brent futures were trading at $94.73/bbl, down $0.59/bbl on the previous close, after earlier falling to a low of $94.40/bbl.
Expectations that OPEC could move to increase production at its meeting on 5 December in ?xml:namespace>
Pressure has been building on OPEC to increase production amid record high crude prices and fears over potential winter supply tightness as forecasters predict colder than normal weather in the
The oil market failed to be lifted by further weakness in the dollar, which continued to soften amid expectations that the Federal Reserve will impose additional interest rate cuts in order to support the
Previous falls in the dollar had prompted market speculators to move funds into the oil market which increased the volume of long positions and helped drive up prices.
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