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by Stockwatch Business Reporter
West Texas Intermediate crude for January delivery lost 69 cents to $57.30 on the New York Merc, while Brent for January lost 50 cents to $63.11 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.65 to WTI ($39.65), unchanged. Natural gas for January added 11 cents to $3.18. The TSX energy index added a fraction to close at 186.15.
Oil traders spent the day placing their bets ahead the joint OPEC/non-OPEC meeting to be held tomorrow in Vienna. The participants will consider extending their production-cutting pact, which is currently set to expire this March. With just one day to go before this meeting, a committee of oil ministers from six of the participating countries, including Saudi Arabia and Russia, met in Vienna today to consider recommendations, reported Reuters. The committee is reportedly favouring a nine-month extension of the production-cutting pact. Russia, however, is apparently balking at the length of this commitment. Though not opposed to an extension, Russia would reportedly prefer one of just three months, with the option to renew for a further six months if oil markets remain under pressure. These are just some of the options that will surely be discussed at tomorrow's meeting. Observers will have to wait and see what the meeting will bring.
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