Monday, October 10, 2016

Oil prices fall over doubts that non-OPEC producers will cut output

Oil prices fell on Monday over doubts that an OPEC-led plan to cut output would rein in a global oversupply that has dogged markets for over two years.

Brent crude futures LCOc1 were trading at $51.53 per barrel at 0511 GMT, down 40 cents or 0.77 percent, from their last settlement.  


U.S. West Texas Intermediate (WTI) futures CLc1 were down 44 cents or 0.88 percent, at $49.37 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) plans to agree on an output cut by the time it meets in late November. The targeted range is to cut production to a range of 32.50 million barrels per day (bpd) to 33.0 million bpd.

OPEC's current output PRODN-TOTAL stands at a record 33.6 million bpd.

To achieve such an agreement among its members, some of which like Saudi Arabia and Iran are political rivals, OPEC officials are embarking on a flurry of meetings in the next six weeks, starting in Istanbul this week.

Reuters

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