Tuesday, 11 November 2014 - 13:14
Oil tumbles as Kuwait downplays OPEC output cut
US benchmark West Texas Intermediate for December dived 1.25 dollars, or 1.6 percent, to close at 77.40 dollars a barrel on the New York Mercantile Exchange.
Brent North Sea crude for delivery in December closed in London at 82.34 dollars a barrel -- its lowest price since October 2010.
The oil market was dragged lower by Kuwait's comment suggesting that OPEC "is going to have struggles coming to an agreement on a cut," said Michael Lynch of Strategic Energy and Economic Research.
The Kuwaiti oil minister, Ali al-Omair, said earlier that OPEC was unlikely to cut crude output when it meets in Vienna on November 27th amid hopes the market will absorb surplus supplies.