Tokyo crude oil prices down

Crude oil prices in Tokyo dipped after major oil producing nations decided not to increase output next month beyond the current plan.

Ministers from OPEC member nations and other producers including Russia met online on Thursday. They agreed to stick with a moderate increase of 400,000 barrels per day in December.

In response, Tokyo's benchmark Dubai futures for April delivery fell 1.37 percent to 52,480 yen per kiloliter on Friday. That's about 460 dollars.

Investors placed sell orders for profit taking after the US benchmark WTI dipped below 80 dollars a barrel in New York.

Tokyo prices have hovered well over 50,000 yen per kiloliter for more than a month. Analysts believe crude oil will continue to trade high over concerns that demand will overwhelm supply as the global economy reopens.

The average retail price for regular gasoline in Japan has risen for nine consecutive weeks. The market is worried that higher energy costs could impact corporate earnings.