LONDON: Brent crude oil fell below $98 a barrel yesterday, dropping for the third session in four, as sluggish demand and ample supplies outweighed expectations of a cut in oil output from the Organisation of the Petroleum Exporting Countries (Opec).
Opec members, many of whom need oil prices above $100 a barrel to meet budgetary needs, will review the organisation’s oil output policy at its next meeting on November 27.
November Brent was 80 cents lower at $97.59 a barrel by 1350 GMT. US crude futures for October were down 30 cents at $92.11 a barrel, ahead of the contract’s expiry at the end of yesterday. Opec’s secretary general said last week the group could cut output next year. Reuters
