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Brent oil prices fall to $78 as Gulf members await OPEC decision

Brent oil prices fall to $78 as Gulf members await OPEC decision

SINGAPORE: Oil prices decreased in Asia as dealers waited for Gulf members of the OPEC cartel to refuse production except they are guaranteed market share, analysts said.
US benchmark West Texas Intermediate crude for December delivery fell 12 cents to $74.46, while Brent crude for January delivery was down four cents at $78.06 in mid-morning trade.
“The market is keenly watching the outcome of the OPEC meeting next week,” said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy EY.