Commodity News
HeadLine : Oil prices dip on OPEC squabbles ahead of planned production cut
Date : Oct 25 2016
Oil prices dipped early on Tuesday over disagreement within producer cartel OPEC on who should cut how much production in a planned coordinated reduction to prop up prices.International Brent crude oil futures were trading at $51.38 per barrel at 0117 GMT, down 8 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures were down 5 cents at $50.47 a barrel.Iraq's oil minister Jabar Ali al-Luaibi said the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) wanted to be exempt from output curbs as it needed more money to fight Islamic State militants.Until there is more clarity on the planned cut, which OPEC hopes will be coordinated with non-members like Russia, analysts said oil prices would likely remain range-bound - but volatile around current levels.

Sources: Reuters.
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