Oil prices dip on doubts OPEC can coordinate output cut

By Features Reuters

  • OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo

    OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo (Copyright Reuters 2016)

  • Workers adjust the valves of an oil pipe as smoke rises from burning excess gas (in the background) in Zubair oilfield in Basra, 420 km (260 miles) southeast of Baghdad May 23, 2011.   REUTERS/Atef Hassan

    Workers adjust the valves of an oil pipe as smoke rises from burning excess gas (in the background) in Zubair oilfield in Basra, 420 km (260 miles) southeast of Baghdad May 23, 2011. REUTERS/Atef Hassan (Copyright Reuters 2016)

Oil prices dipped early on Friday, weighed down by lingering doubts over whether OPEC can coordinate a crude production cut big enough to rein in oversupply that has dogged markets for two years.

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International Brent crude oil futures were trading at $50.39 per barrel at 0033 GMT, down 8 cents from their last close.

U.S. West Texas Intermediate (WTI) crude was down 5 cents at $49.67 a barrel.

Traders said there were significant doubts that the Organization of the Petroleum Exporting Countries (OPEC) would be able to rally its members and non-OPEC producers, especially Russia, around a significant cut in output.

"With both Iraq and Iran saying they won't be part of the cuts for various reasons, and Russia talking freezes not production cuts, the onus will fall on Saudi Arabia to pull any deal together," said Jeffrey Halley, senior market analyst at´┐Ż´┐Żbrokerage OANDA in Singapore.

"OPEC's Nov. 30 meeting suddenly seems like a long way away with seemingly half of the group wanting exemptions now," he added.

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(Reporting by Henning Gloystein; Editing by Joseph Radford)