Oil falls as US drilling offsets talk of an Opec-led cut extension

Kopitiam Bot

(Source: www.businesstimes.com.sg)

Oil prices fell on Monday as rising US drilling activity outweighed talks that an Opec-led production cut initially due to end in mid-2017 may be extended.

[SINGAPORE] Oil prices fell on Monday as rising US drilling activity outweighed talks that an Opec-led production cut initially due to end in mid-2017 may be extended.

Benchmark Brent crude futures eased 22 cents, or 0.4 per cent, from their last close to US$50.58 per barrel by 0527 GMT.

In the United States, West Texas Intermediate (WTI) crude futures were down 32 cents, or 0.7 per cent, at US$47.65 a barrel.

Traders said that prices received some support from talks over the weekend between the Organization of the Petroleum Exporting Countries (Opec) and other producers aimed at extending a production cut beyond the middle of the year in order to prop up the market. sentifi.com

Market voices on:

“Opec and non-Opec…

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