"Each time it looked like it would go for $100/b [on WTI], it was just sold into," said a London-based trader.
"It is very hard to tell what will happen in the $98-$99/b range. It is just being slapped around." The January NYMEX WTI contract has lost over $2.50/barrel since trading started on Monday morning. The front month NYMEX WTI contract has breached the $98/b level five times since November 8 and twice moved past $99/b in the last week, but has yet to hit $100/b.
Indonesia will back a further increase in OPEC crude production if ministers meeting in Abu Dhabi on December 5 decide that world markets need more oil, the country's oil minister, Purnomo Yusgiantoro, said Tuesday.
Asked whether Jakarta would support a decision to boost official output levels by an additional 500,000 b/d, Purnomo said: "That is fine. We will see how much OPEC's current spare capacity is at that time," Purnomo added.
Updated: November 27, 2007
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