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NYMEX crude edges lower in Asia with OPEC meeting in focus

Published 11/24/2014, 06:06 PM
Updated 11/24/2014, 06:06 PM
NYMEX crude weaker in Asia

Investing.com - Crude oil prices fell in early Asia on Monday as an OPEC meeting this week is unlikely to reach agreemnt on trimming production.

On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in January traded at $75.66 a barrel, down 0.07%, after hitting an overnight session low of $75.85 a barrel and off a high of $77.02 a barrel.

Brent, the global benchmark, fell 0.9% to $79.68 a barrel on ICE Futures Europe on Monday.

Investors are also looking ahead to U.S. crude stocks data due by industry group the American Petroleum Institute later in the day and more closely watched government data on Wednesday.

Overnight, Western envoys earlier failed to reach a nuclear deal with Iran though all parties agreed to extend Monday's deadline to July to give Tehran more time to comply, which gave oil some support, as a deal would lift sanctions and allow for more oil on the global market.

Iran is accused of developing a nuclear weapons program, a charge Tehran denies, claiming its resources will be used for energy purposes.

Investors were also keeping Thursday's OPEC meeting in focus, with many on the sidelines to see if the cartel cuts output to shore up slumping prices, which watered down earlier gains and sent the commodity dipping into negative territory at times.

While countries like Saudi Arabia have suggested prices should continue to fall, presumably with the aim of sidelining U.S. shale producers, others such as Libya, Iran and Venezuela have advocated cutting production to shore up falling prices.

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