Oil futures were mixed on Monday, with the U.S. benchmark holding a slight advance and the global benchmark off slightly, as investors focused on worries about slowing global growth and looked for clues to the next move by OPEC and its allies on output curbs.
West Texas Intermediate crude for July delivery on the New York Mercantile Exchange rose 8 cents, or 0.1%, to $54.06 a barrel, while August Brent crude fell 7 cents, or 0.1%, to $63.22 a barrel.
Crude ended last week on a positive note after the U.S. benchmark fell into a bear market at midweek.
Uncertainty remains around prospects for the Organization of the Petroleum Exporting Countries, or OPEC, and its allies, particularly Russia, extending an agreement to curb output that took effect at the beginning of the year. Russian Energy Minister Alexander Novak on Monday said he couldn’t rule out a scenario in which oil falls to $30 a barrel if a global agreement wasn’t extended, according to Reuters.
Source : MarketWatch