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Crude prices were mixed in Asia today with markets rattled by worries that a European Union deal on curbing the euro zone’s debt crisis was not far-reaching enough, analysts said.
New York’s main contract, light sweet crude for delivery in January, was up eight cents at $97.85 a barrel. Brent North Sea crude for January delivery shed six cents to $107.20.
An EU deal last week on closer economic coordination between member states failed to reassure traders that an end to the euro zone crisis was in sight, Phillip Futures said in a report.
“A European summit agreement last week to strengthen budget discipline in the euro zone failed to restore financial market confidence,” it stated.
“Crude oil prices... (were) pressured by concerns that Europe’s agreement on closer fiscal union will not solve its debt crisis and might deepen a regional slowdown,” the report added.
Markets were watching for tomorrow’s output meeting of the Organisation of the Petroleum Exporting Countries (OPEC), the cartel which pumps about one-third of the world’s oil, for indications on its production goals.
OPEC’s production hit its highest level in three years in November — 27.94 million barrel a day — 800,000 barrels higher than the previous month, according to the Middle East Economic Survey.
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