Mubasher: Crude oil prices decreased on Monday, however, it was able to make up for some of the losses it saw earlier in the session.
Nymex futures for January delivery fell 1.4% to the level of $58.11 per barrel.
Uncertainty is on the rise regarding Russia’s commitment to extend the production cut agreement beyond March, with the next OPEC summit approaching, as it will be held in Vienna on Thursday.
On the other hand, Brent rose by 0.65% to trade $63.8 per barrel.
Despite previous expectations that the Organization of the Petroleum Exporting Countries (OPEC) will extend the output limitation deal that expires on March 2018 in its next meeting that will also include nine major non-OPEC producers, investors are doubtful whether Russia is willing to commit to the deal’s extension, as producers non-bound by the agreement especially American shale oil producers can increase their production.
