Singapore — Oil prices dipped early on Tuesday over disagreement within producer cartel Opec on who should cut how much production in a planned coordinated reduction to prop up prices. International Brent crude oil futures were trading at $51.38 per barrel at 1.17am GMT, down 8c from their last close. US West Texas Intermediate (WTI) crude futures were down 5c at $50.47 a barrel. Iraq’s oil minister Jabar Ali al-Luaibi said the second-largest producer in the Organisation of the Petroleum Exporting Countries (Opec) wanted to be exempt from output curbs as it needed more money to fight Islamic State militants. "Crude oil prices laboured under the weight of various Opec members seeking exemption from the production cut agreement," ANZ bank said on Tuesday. Until there is more clarity on the planned cut, which Opec hopes will be coordinated with non-members like Russia, analysts said oil prices would likely remain range-bound — but volatile — around current levels. "Expect more of this ...
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