Singapore — Oil prices dipped on Tuesday on doubts that producer cartel Opec will be able to hammer out a meaningful output cut during a meeting on Wednesday aimed at reining in a global supply overhang and propping up prices. International Brent crude oil futures were trading at $47.99 a barrel at 3.05am GMT, down 25c, or 0.5%, from their last close. US West Texas Intermediate crude futures were down 23c, or 0.5%, at $46.85 a barrel. Opec is meeting officially in Vienna on Wednesday to discuss a planned production cut in an effort to curb overproduction that has dogged markets and more than halved prices since 2014. With a high degree of uncertainty going into the last 24 hours before the meeting, oil price volatility is expected to be high. "I still think they need to do a deal even though my confidence has dropped back to coin toss levels," said Greg McKenna, chief market strategist at Australian brokerage AxiTrader. Jeffrey Halley, senior market analyst at Oanda brokerage in Sin...
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