Oil slipped in choppy trade on Wednesday ahead of a meeting of the world’s biggest exporters who will discuss cutting output to help shore up prices and curb excess supply. .S. West Texas Intermediate crude futures ended the session down 36 cents at $52.89. Brent crude futures were down 24 cents $61.84 a barrel by 2:17 p.m. ET, off a session high of $63.39 and bouncing from a low of $60.80. The Organization of the Petroleum Exporting Countries, Russia and other producers will meet in Vienna this week to discuss a potential cut in production. A monitoring committee of OPEC and its allies, including Russia, agreed on the need to cut oil output in 2019, two sources familiar with the discussions said, adding that volumes and the baseline for cuts were being debated. “A deeper production cut still remains the most probable outcome of the meeting, but finer details of any agreement are in short supply, which in turn is prompting volatility,” said Abhishek Kumar, senior energy analyst at Interfax Energy in London. Russian Energy Minister Alexander Novak told reporters he had a “good” meeting with his Saudi counterpart Khalid al-Falih on Wednesday and they planned more talks. Russia’s […]
