Brent oil comatose on talks of producer meeting

Brent oil trades comatose in Asia after falling on Tuesday on excess supply concerns.

At the time of writing, Brent was trading largely unchanged on the day around $44.95/barrel. Prices dropped on Tuesday after the American Petroleum Institute (API) data showed oil stock piles rose by 2 million barrels during the week to August 5. The actual number was well above Reuters estimate of 1 million barrel draw down.

However, losses are being capped by talks of interim OPEC meeting in September. Venezuela is the latest to call for emergency meeting to decide measures that would buoy oil prices.

Across the pond, Crude oil prices were trading flat around $42.74/barrel.