Business Crude Oil Prices Drop Below $50 Ahead Of OPEC Meeting



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As traders await the outcome of a meeting of the Organization of the Petroleum Exporting Countries later in the day, where discussion on a collective output ceiling could be revived, crude-oil prices have dropped below US$50.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at $48.93 a barrel at 0204 GMT, down $0.08 in the Globex electronic session. August Brent crude on London’s ICE Futures exchange rose $0.05 to $49.77 a barrel.


Ahead of the closely-monitored meeting in Vienna, which is scheduled to begin at 0800 GMT, several delegates said the group could discuss a production ceiling, an idea that Saudi Arabia is considering backing. However, Iran later rejected the proposal, potentially derailing the plan.

Meanwhile Nigeria's oil production has dropped significantly due to various disruption and global supply shortage arising from the Militants attack on major pipeline in the oil rich Niger Delta region.