Oil falls on doubt that non-Opec producers will agree to cut output
Brent slips to $51.53 amid uncertainty that cartel-led plan to cut production will rein in a global oversupply that has dogged markets for more than two years
SINGAPORE — 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 more than two years.Brent crude futures were trading at $51.53 a barrel at 5.11am GMT, down 40c or 0.77%, from their last settlement.US West Texas Intermediate (WTI) futures were down 44c or 0.88%, at $49.37 a barrel.Oil cartel 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 to 33.0-million barrels a day.Opec’s current output stands at a record 33.6-million barrels a day.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.However, analysts cautioned about too high expectations about the Istanbul talks this week."A meeting between Opec and non-Opec producers [namely Russia] will ad...
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