Oil prices resume slide in Asia

Singapore, AFP, January 27, 2016-  Oil prices resumed their slide Asia Wednesday as long-running concerns over the saturated market overshadowed talk of possible coordination between some major producers to slash output.
Trader are also keeping an eye on the release later in the day of a report on US stockpiles, hoping for an idea about demand in the world’s biggest economy and key oil user.
At around 0300 GMT (0830 IST), US benchmark West Texas Intermediate for March delivery was down 59 cents, or 1.88 percent, at USD 30.86 and Brent crude for March fell 43 cents, or 1.35 per cent, to USD 31.37 a barrel.
They had risen around four per cent yesterday on hopes for output talks.
State-owned Russian news agency Tass reported Russian oil company Lukoil has asked the Kremlin to work with OPEC to limit output.
On Monday Abdullah el-Badri , general secretary of OPEC called for the grouping and other producers to work together to lift prices. OPEC in December rejected calls for a production cut, preferring to fight for market share with rival producers, particularly the United States.
However, the ongoing worries about a supply glut, weak demand and slowing global economy returned to the fore. A strengthening US currency has also been helping dampen demand for dollar-priced oil, which becomes more expensive for holders of weaker units.