Singapore — Oil prices dipped 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. Prices for front-month Brent crude futures, the international benchmark for oil, eased 7c from their last close to $50.73 a barrel by 1.45am GMT. In the US, West Texas Intermediate (WTI) crude futures were down 14c at $47.83 a barrel. Traders said that prices received some support from talks at the weekend between oil cartel Opec and other producers, including Russia, aimed at extending a production cut beyond the middle of the year in order to prop up the market. "Opec and non-Opec decided to get ahead of the game this weekend, announcing they are reviewing whether the output curb deal should be extended," said Jeffrey Halley, senior market analyst at futures brokerage Oanda in Singapore, adding that this had given crude some support. But the Opec-led cuts were offset by rising drilling activity and oil production ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.