Oil slides from nine-week highs as market looks to OPEC
LONDON (Reuters) – Oil prices edged lower on Monday, sliding away from nine-week highs, as worries lingered over high production from OPEC and the United States.
Global benchmark Brent crude futures LCOc1 were down 60 cents, or 1.14 percent, at $51.82 a barrel at 1113 GMT. They traded as low as $51.56 a barrel earlier in the day.
U.S. crude futures CLc1 were down 55 cents, or 1.11 percent, at $49.03 per barrel, but up from the day’s low of $48.78 a barrel.
Both contracts stood more than $1 below the levels hit last week, which marked their highest since late May, when oil producers led by the Organization of the Petroleum Exporting Countries extended a deal to reduce output by 1.8 million barrels per day (bpd) until the end of next March.
Doubts have since swirled around the effectiveness of the cuts, as OPEC output hit a 2017 high in July and its exports hit a record.