Crude prices dipped in Asia today but held above USD 40 as traders looked forward to a summit of key oil producers next week to discuss freezing output and easing the supply glut. Analysts said prices were expected to see-saw ahead of Sunday's meeting in the Qatari capital Doha that will gather both OPEC producers led by Saudi Arabia and non-OPEC members such as Russia.
A major subject for the meeting is a proposal to freeze output at January levels in a bid to ease the oversupply that helped send prices plunging by three quarters to near 13-year lows between August 2014 and February this year.
At around 0830 IST, US benchmark West Texas Intermediate for delivery in May was down 13 cents, or 0.32 percent, at USD 40.23 and Brent crude for June was trading 15 cents, or 0.35 percent, lower at USD 42.68. Both contracts closed higher yesterday after soaring eight percent or more last week.
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A major subject for the meeting is a proposal to freeze output at January levels in a bid to ease the oversupply that helped send prices plunging by three quarters to near 13-year lows between August 2014 and February this year.
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