09 Jun '11, 8am

Brent near $118 as OPEC talks collapse, U.S. oil stocks fall

SINGAPORE (Reuters) - Brent was steady around $118 on Thursday, after surging in the previous session as Saudi Arabia failed to convince OPEC members to raise output targets and data showed U.S. crude stocks fell sharply last week. OPEC talks broke down in acrimony, underlying concerns about the group's willingness to help control prices. Saudi Arabia pledged unilaterally to ensure plentiful supplies, helping cap gains in Brent. Still, it is a stretch for the Kingdom alone to be able to lift output by the 1.9 million barrels per day needed to fully supply the 30.87 mbpd the OPEC secretariat estimated in its May report would be needed to meet demand in the third quarter, analysts led by Lawrence Eagles at JPMorgan said in a report. "What this means is that there will be less spare capacity to handle another unforeseen outage," said Tony Nunan, a risk manager with Tokyo-base...

Full article: http://sg.news.yahoo.com/brent-near-118-opec-talks-collap...

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