OPEC Update -

Attention in the oil market turns to OPEC's emergency meeting in Qatar and the cartel is expected to cut daily output by 1 million bpd in order to stem oil's slide from July's record.

However, reports suggest that the cut remains divided on whether to trim output from its official quota of 28 million barrels per day or its actual output of 27.5 million barrels.

If the cut is from the official quota, it will be deemed as meaningless, and further hurt OPEC's credibility. The last time OPEC cut output was in December 2004, and was also then by 1.0mln bpd.

It looks like crude oil prices to continue its decline given supplies remain ample and prospect of lower crude demand. Risk is now seen towards low $50.00 level or technically to the 200-week moving average at $48.10, given markets propensity to undershoot.

WTI Nymex crude is currently at $57.93.