Oil Declines on Skepticism Over Extension of OPEC Output Cut

With rising U.S. production, investors are waiting to see if OPEC will extend the supply cuts

Crude Oil: $47.97 per barrel, Natural gas: $3.076/MMBtu, Gold:$ 1248.20 per troy oz.



Crude prices remained depressed on Monday, weighed down by investor skepticism that major oil producers will extend a deal to curtail global supply beyond June.

Over the weekend, a monitoring committee that oversees the Organization of the Petroleum Exporting Countries’ compliance with a deal to cut global production by 1.2 million barrels a day issued a statement directing oil producers to “review the oil market conditions,”. Read more.

Resource: WSJ

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