Crude oil prices fell by 0.05 per cent on Tuesday after a meeting between oil ministers from Saudi Arabia and Venezuela over the weekend reportedly accomplished little headway toward reaching an agreement that could curtail near-record high production by OPEC. At the MCX, crude oil futures for February 2016 contract were trading at Rs. 2,049 per barrel, down by 0.05 per cent, after opening at Rs. 2,057 against the previous closing price of Rs. 2,048. It touched the intra-day low of Rs. 2,045 till the trading. A meeting between Venezuela oil minister Eulogio Del Pino and Saudi Arabia counterpart Ali al-Naimi concluded with few indications that the OPEC members have moved closer to setting a date for an emergency summit, which could result in significant production cuts from the world's largest cartel.
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