Opec’s delayed decision on output cut puts pressure on oil
The producer cartel’s meeting ended without the announcement of a decision to cut supply, the matter will be debated on Friday
Singapore — Oil prices fell on Friday, pulled down by Opec’s decision to delay a final decision on output cuts, awaiting support from non-Opec heavyweight Russia. International Brent crude oil futures fell below $60 a barrel early in the session, trading at $59.50 a barrel at 1.44am GMT, down 56c, or 0.9% from their last close. US West Texas Intermediate (WTI) crude futures were at $51.24 a barrel, down 25c, or 0.5%. The declines came after crude slumped by almost 3% the previous day, with producer cartel Opec ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply, instead preparing to debate the matter on Friday. “Opec has decided to meet Friday again … [as] Russia remains the sticking point,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. Analysts still expect some form of supply reduction to be decided. “We are beginning to witness the outline of the next iteration of pr...
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