Seoul Dec 28 Oil prices edged down on Wednesday
in quiet early Asian trading as the market waits to see how OPEC
and non-OPEC members carry through on planned supply cuts in the
U.S. benchmark West Texas Intermediate (WTI) crude
futures were down 13 cents at $53.77 at 0021 GMT after settling
up 88 cents at $53.9 a barrel in the previous sesssion. WTI
prices have risen 25 percent since mid-November.
International Brent crude oil futures were yet to
trade after closing 93 cents higher at $56.09.
Trading is expected to remain thin this week ahead of the
New Year holiday season.
The market is taking a wait-and-see approach on the official
start of the landmark deal reached by the Organization of
Petroleum Exporting Countries and several non-OPEC members. The
deal is set to kick in from Jan. 1.
OPEC and non-OPEC producers are expected to lower production
by almost 1.8 million barrels per day (bpd), with Saudi Arabia,
OPEC's largest producer, agreeing to bear the lion's share of
In a sign that the world's oil major producers may abide by
their agreement, Venezuela, one of the members of the oil cartel
group, said it will cut 95,000 barrels per day of oil production
in the New Year.
Russian oil producer Gazprom Neft said it planned
to boost oil output by 4.5-5 percent next year, less than it had
intended before Russia, one of the non-OPEC member countries,
joined a deal to erode a global supply overhang.
(Reporting by Jane Chung; Editing by Richard Pullin)