TOKYO Oct 12 Crude futures inched up on
Wednesday, with investors waiting for talks between OPEC
producers and other oil exporters on curbing output to end a
glut in the global market.
Brent crude was up 9 cents at $52.50 a barrel at
0012 GMT. It fell 73 cents, or 1.4 percent, to close at $52.41 a
barrel on Tuesday, retreating from a one-year high of $53.73 hit
U.S. West Texas Intermediate (WTI) crude had gained 3
cents to $50.82 a barrel. It dropped 56 cents, or 1 percent, to
settle the previous session at $50.79.
Oil has rallied more than 13 percent in less than two weeks
since OPEC proposed its first production curbs in eight years.
But prices remain about half of mid-2014 highs above $100 a
barrel as questions remain over when the market will return to
OPEC will hold talks with non-member oil producers on
Wednesday to try to thrash out details of a global agreement to
cap production for at least six months as Russia lent its
support for the plan.
Global oil supply could fall in line with demand more
quickly if OPEC and Russia agree to a steep enough cut in
production, but it is unclear how rapidly this might happen, the
International Energy Agency said on Tuesday.
Goldman Sachs added its doubts on Tuesday, saying in a
research note that the planned oil output cut by OPEC and other
exporters has become a "greater possibility," but warned a
production cut likely won't be deep enough to re-balance markets
(Reporting by Aaron Sheldrick; Editing by Joseph Radford)