Oil Falls Anew As OPEC Emergency Meet, Output Cut Ruled Out

Selling pressure emerged by midmorning after UAE's Oil Minister Suhail Bin Mohammed al-Mazroui added to bearish comments by OPEC Secretary-General Abdullah al-Badri.

Al-Mazroui said there was no need for an emergency OPEC meeting to help support prices.

Venezuela and Algeria, which need higher oil prices for their economies, were among OPEC members that had proposed an emergency meeting after OPEC's summit in Vienna last month did not agree on output cuts. OPEC's next meeting is in June 2015.

OPEC's Al-Badri, meanwhile, said the 12-member Organization of the Petroleum Exporting Countries could ride out the near 50 percent oil price slump since June without amending production.

U.S. crude settled down $1.90, or 3.3 percent, at $55.91 a barrel. It fell thereafter to a new May 2009 low of $55.02.

Brent finished down 79 cents, or 1.3 percent, at $61.06. It fell post-settlement to $60.20, a bottom since July 2009.

The disparity in their drop extended Brent's premium versus U.S. crude <CL-LCO1=R> to a one month-high above $5.


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