London — Oil prices dipped on Monday, reversing earlier gains as concerns about a pick up in US drilling activity trumped expectations that the Organization of the Petroleum Exporting Countries (Opec) will extend output cuts till the end of 2017. "It’s a still game of very narrow trading ranges between these mixed drivers," said ABN AMRO’s senior energy economist Hans van Cleef. "If Opec doesn’t extend those cut agreements, oil prices will fall under much more pressure." Brent crude futures fell 41 cents by 2.47pm GMT to $51.71 per barrel after hitting a session high of $52.57 a barrel. US West Texas Intermediate (WTI) crude oil futures lost 46 cents to reach $49.16 a barrel, after reaching a high of $50.22 a barrel earlier in the day. Opec and other producers have so far pledged to cut output by almost 1.8-million barrels per day (bpd) in the first half of the year. Oil prices rose earlier in Monday’s session after last week’s recommendation by a panel of Opec and other producers t...
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.