Oil Slips On Dollar, Rate Fears After 2-day Gain; Brent Below $87
"It was a brief rotation of interest back into oil as the dollar came down a bit and stocks went up. But it didn't change the story of the day, which was all about interest rate fears and what OPEC's gonna do next month," said John Kilduff, partner at New York energy hedge fund Again Capital.
Oil traders were also wary of recent remarks by OPEC officials, including those of producer Iran, that the Nov. 27 meeting of the cartel may not help much to reduce what many feared was higher than necessary production.
A 25 percent slide in oil prices since June had raised talk that the Organization of the Petroleum Exporting Countries may need to curb output.
But OPEC secretary general Abdullah al-Badri said on Wednesday the exporter group wasn't in a rush to trim production.
Earlier this week, a senior Iranian oil official said a cut was unlikely at the November meeting. Iran is normally the first among OPEC members to call for action to support oil prices.
"So when you have them saying they don't think there's going to be a cut, I think the decision is pretty much made," said James Williams, energy economist at WTRG Economics in London, Arkansas.
(Additional reporting by Christopher Johnson in London and Manolo Serapio Jr in Singapore; Editing by Dale Hudson, David Clarke, Meredith Mazzilli and Andrew Hay)
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