Oil prices came under pressure on Wednesday amid disagreements in the OPEC oil cartel.
A barrel (159 liters) of North Sea Brent for delivery in January cost $79.26. That was $3.18 less than the day before. The price of a barrel of American West Texas Intermediate (WTI) fell by $3.10 to $74.64.
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Disagreements over production policy have apparently led OPEC to postpone its meeting scheduled for the weekend. OPEC announced without explanation that the meeting would be postponed to November 30th. As Bloomberg reported, major producer Saudi Arabia is dissatisfied with the production of other producing countries. Saudi Arabia has voluntarily reduced production in recent months to support oil prices. Russia, which together with the Saudis leads the larger OPEC+ network, is taking a similar approach. Talks between the OPEC countries were difficult, the agency reported.
According to the Department of Energy, oil reserves in the USA rose more than expected last week. Crude oil inventories climbed by 8.7 million to 448.1 million barrels compared to the previous week. Analysts had expected an average increase of two million barrels. High crude oil inventories tend to have a negative impact on oil prices.
NEW YORK/LONDON (dpa-AFX)