Oil costs dip on OPEC squabbles forward of deliberate manufacturing reduce

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 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.

Last modified onTuesday, 25 October 2016 03:09