Singapore — Oil prices were little changed on Tuesday as rising US output undermined the effect of expectations that the Opec-led production cut will be extended.Brent crude futures, the international benchmark for oil prices, were at $62.20 a barrel at 3.01am GMT, 8c above their last close.US West Texas Intermediate (WTI) crude futures were at $56.50 a barrel, also up 8c 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 agree to extend cuts as storage levels remain high despite recent drawdowns, although there are doubts about the willing...
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.