Oil slides on surplus output concerns

Crude rates decline ahead of the coming OPEC+ meeting.

Photo: Colourbox

Monday morning, oil prices dip on concerns as to whether the Organization of Oil Exporting Countries and its OPEC+ allies will pull through with their planned output cut extension meant to keep a floor under the crude market, Reuters reports.

One barrel of European reference oil Brent trades Monday morning for USD 47.61 against USD 48.11 Friday afternoon. US benchmark crude West Texas Intermediate sells concurrently for USD 44.95 relative to USD 45.38.

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