Singapore — Oil markets were tepid on Monday as traders were reluctant to take on big new positions ahead of an Opec meeting at the end of the month.The producer club is expected to decide at that meeting whether to continue output cuts aimed at propping up prices.Brent crude futures, the international benchmark for oil prices, were at $62.60 a barrel at 3.48am GMT, down 12c or 0.2% from their last close.US West Texas Intermediate (WTI) crude futures were at $56.63 a barrel, up 8c or 0.1% from their last settlement.Traders said they were avoiding taking on large new positions due to uncertainty in markets.The Organisation of the Petroleum Exporting Countries (Opec), together with a group of non-Opec producers led by Russia, has been restraining output since the start of this year in a bid to end a global supply overhang and buoy prices.The deal to curb output is due to expire in March 2018, but Opec will meet on November 30 to discuss the outlook for the policy.Opec is expected to a...
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