Mubasher: Oil prices fell on Monday, weighed down by the rise of dollar, as well as profit-taking seen recently as a result of the volume of oil output agreed in the OPEC’s meeting in Algeria will not be enough to decrease the global supply glut.
Brent crude futures fell 0.44% to reach $49.97 per barrel by 4:05am GMT. In addition, US West Texas Intermediate futures also slid 0.6% to stand at $47.96 per barrel.
OPEC members reached an agreement in their recent meeting in Algeria to cut output to around 32.5 to 33 million barrels per day (bpd) from about 33.5 million bpd, with details to be finalised at the cartel's policy meeting in November.
