Oil slips as Saudi seek OPEC consensus

World oil prices eased slightly yesterday as Saudi Arabia sought to build an OPEC consensus on raising output by about 2 million barrels while avoiding a price-damaging production dispute.

Oil ministers from the organization of the petroleum exporting countries (OPEC) gathered in Jakarta for twice-yearly meeting to start Wednesday, November 26.

But oil traders were not prepared to bet on the outcome of the OPEC talks and most area of the market were quiet. The approaching holiday in the U.S tomorrow also dampened activity.

World benchmark brent blend crude last traded one cent weaker at 19.08 US dollar a barrel, but above last week’s lows of 18.54 US dollar.