Crude futures dip as hopes for OPEC deal fade away
On Monday, crude prices extended their losses from the previous trading session during European hours, after a weekend gathering among members of the Organization of the Petroleum Exporting Countries didn’t manage to cement an agreement to cut output.
In New York, December delivery crude futures inched down 0.2%, hitting $48.60 per barrel. Besides this, January deliver Brent crude futures lost 0.22%, trading at $50.57 a barrel, having settled down 1.78% on Friday.
London-traded Brent prices dropped to $49.31 during last session, a level not observed since September 30, amid mounting downbeat mood as for the implementation of a planned deal by OPEC to restrict production.
Non-OPEC producers didn’t make any specific commitment on Saturday to join OPEC in its cutting crude output levels in order to prop up crude prices, thus suggesting they wanted the crude producing group to tackle its differences first.
The 14-member crude group reached an agreement to limit output to a range of about 32.5 million to 33.0 million barrels a day during negotiations held in Algeria, late September.