New York — Oil prices slipped on Monday, extending recent weakness ahead of an Opec meeting next week, while a rally in the dollar negatively affected commodities across the board. Brent crude futures were down 84c at $61.86, or 1.4%, by 4.37pm GMT, while US West Texas Intermediate (WTI) crude futures fell 70c, or 1.2%, to $55.85 a barrel. Oil has been under pressure for the last two weeks since peaking in early November; US crude has lost 2.6%. Opec, together with a group of non-Opec producers led by Russia, has been restraining output since the start of this year to try to lower global inventories and support prices. The deal is due to expire in March 2018, and Opec meets on November 30 to discuss the policy. The expectation is for the agreement to be extended to cover the whole of next year. "It is widely believed that Opec together with 10 non-Opec countries will roll over their production for the whole of 2018, although Russia is holding its cards close to its chest," PVM Oil A...
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.