Summary Oil prices declined Tuesday on skepticism of OPEC action.
NEW YORK (AFP) - Oil prices declined Tuesday on skepticism that an OPEC meeting later this month will result in action to address mounting supplies.
US benchmark West Texas Intermediate for December delivery dropped $1.03 to $74.61 a barrel on the New York Mercantile Exchange.
European benchmark Brent oil for delivery in January fell 84 cents to $78.47 a barrel.
Traders are fixated on the November 27 meeting of the Organization of Petroleum Exporting Countries. Despite a drop of more than 25 percent in oil prices since June, the cartel is divided on whether to take action. Weak economic data from China, Japan and other regions has stoked fears of a glut.
Venezuelan President Nicolas Maduro on Monday said there would be a meeting of OPEC and non-OPEC producers to address the drop in prices, though he gave no details of when or where the meeting would take place.
"We are defending our industry, our oil, our life," Maduro said.
But traders remained skeptical output will be curtailed.
"We still don t really have a clear indication from in particular Saudi Arabia about what their intentions are," said Gene McGillian, broker and analyst at Tradition Energy.
"So until will actually get that, I think the market is going to remain under pressure."
