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Oil falls as glut, profit-taking beat back optimism over OPEC meet

August 9, 2016 by · Leave a Comment 

By Osamu Tsukimori TOKYO (Reuters) – Crude prices fell on Tuesday as continued worries over a global oil glut and profit-taking on gains of nearly 3 percent from the previous session beat down upwards momentum from a possible meeting of oil producers. Venezuelan Oil Minister Eulogio del Pino said on Monday that a meeting between OPEC and non-OPEC countries may take place “in the coming weeks” as the crisis-stricken South American nation sought support to prop up weak oil markets. Some OPEC officials have said a …

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Oil falls as glut, profit-taking beat back optimism over OPEC meet