Asia oil weaker pending U.S. data<\/p>\n
SINGAPORE (Reuters): Crude prices in Asia fell on Tuesday amid
\nprofit taking as the market waited for latest indications on U.S.
\noil inventories for direction.<\/p>\n
November U.S. crude futures in after-hours ACCESS trade were
\n$24.50 per barrel at late trading, down 11 cents from the New
\nYork settlement on Monday.<\/p>\n
The New York market had seen prices settle at $24.61, coming
\noff 15 cents from Friday's close, as traders pocketed profits.<\/p>\n
They said prices in Asia would likely drift in thin trade,
\nwith short-term price direction sought from the American
\nPetroleum Institute (API) stocks data for the world's largest oil
\nconsumer.<\/p>\n
The API data was due out late on Tuesday and would provide an
\nidea of how quickly OPEC output cuts were eroding supplies.<\/p>\n
November Brent crude futures on the Singapore International
\nMonetary Exchange (SIMEX) were untraded -- offered at $24.10 per
\nbarrel, but without a bid seen.<\/p>\n
On London's International Petroleum Exchange (IPE) on Monday,
\nNovember Brent ended 17 cents firmer from the previous day, at
\n$24.07.<\/p>\n
The November IPE Brent contract had earlier on Monday hit an
\nintraday high of $24.18, the highest level since January 1997.<\/p>\n
London prices had strengthened after U.N. figures showed Iraq
\nwas just $695 million away from its limit of $5.26 billion in oil
\nexports allowed by the U.N during the current six-month \"oil-for-
\nfood\" phase. The current phase ends November 20.<\/p>\n
Using the four-week averages of price and exports, Iraq would
\nsurpass the limit by October 8.<\/p>\n
Traders said the result of OPEC's Vienna meeting last week,
\nwhere the members agreed to keep existing output cuts at least
\nuntil end March, was still keeping the market firm, going into
\nthe fourth quarter winter demand period.<\/p>\n
Analysts have said the OPEC cuts would deplete inventories in
\ncoming weeks and likely push prices higher.<\/p>\n
\"The outcome of the meeting almost assures the world of a
\nserious stockdraw over the next 90 days,\" independent U.S. oil
\nconsultant Philip Verleger said in a note to clients.<\/p>\n
Oil prices have more than doubled from historical lows early
\nthis year -- when Brent fell below $10 per barrel -- mainly due
\nto tight OPEC compliance to production cuts.<\/p>\n
Venezuelan President Hugo Chavez said in a televised speech on
\nMonday that the country's 2000 budget did not see an increase in
\nits oil exports from the current 2.72 million barrels-per-day.<\/p>",
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