Tuesday, December 06, 2016

Oil dips as OPEC, Russian output rises ahead of production cut

Global oil prices slipped on Tuesday as data showed crude output rose in most major export regions despite plans by OPEC and Russia to cut production, triggering fears the fuel glut that has dogged markets for over two years might last well into 2017.

International Brent crude oil futures fell 99 cents to trade at $53.95 a barrel by 1330 GMT while U.S. West Texas Intermediate crude was at $50.73 a barrel, down $1.06.

Analysts said the boon from last week's OPEC decision, which helped boost prices by about 15 percent, has faded as they look to factors that may undermine the cartel's promise such as record production, Saudi Arabia's plans and the reaction of U.S. shale oil producers .... http://www.reuters.com