Oil dips on technical selling after two days of strong rises

By Henning Gloystein

SINGAPORE, Sept 23 (Reuters) - Oil prices eased in Asian trading on Friday, pulled down by a technical sell-off following two sessions of strong rises and on caution ahead of meeting of OPEC ministers next week in Algeria to dicuss possible production cooperation.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $45.90 per barrel at 0123 GMT, down 42 cents, or 0.91 percent, from their previous close.

International Brent crude oil futures were down 33 cents, or 0.69 percent, at $47.32 a barrel.

OPEC could see a new push to clinch a first deal to curb output since 2008 next week when Alergia plays hosts to oil ministers.

Traders said that the declines were largely down to technical chart indicators and also selling following strong price gains in the previous two trading sessions.

Reuters technical chart analyst Wang Tao said that WTI prices may test support at $45.65 per barrel, and Brent was likely to retrace to $46.93 per barrel in the near future.

(Reporting by Henning Gloystein)

We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue
Help us moderate this thread by flagging comments that violate our guidelines
Help us learn more about Philly.com commenters. Click here to take this quick survey.

Comment policy:

Philly.com comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by Philly.com staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Load comments
Continue Reading