(FE)
Oil prices eased on Tuesday, weighed down by uncertainty over the outcome of an OPEC meeting this week at which an extension to its price-supporting oil output cuts will be discussed. Prices also briefly came under pressure after a fire broke out at Exxon Mobil Corp’s 362,300 barrel-per-day (bpd) Beaumont, Texas, refinery. Firefighters have since put out the blaze but the small crude unit is shut, sources said.
Brent crude oil ended the session down 23 cents, or 0.4 percent, at $63.61 a barrel. US crude settled 12 cents, or 0.2 percent lower at $57.99, after falling 1.4 percent in the previous session. Prices extended losses after data from industry group the American Petroleum Institute showed crude inventories rose by 1.8 million barrels in the week to November 24 to 457.3 million, compared with analysts’ expectations for a decrease of 2.3 million barrels.
The Organization of the Petroleum Exporting Countries is heading for tougher-than-expected policy talks on Thursday. Its leader Saudi Arabia is pushing to extend output cuts by nine months while non-member Russia is hesitating due to worries that the market could overheat.
