Oil held losses below $46 a barrel even after OPEC members responsible for most output cuts pledged to extend or even deepen the group’s curbs.
Futures were little changed in New York, after declining 11 percent last week, the biggest weekly drop since January 2016. Officials from Iraq, Kuwait and the United Arab Emirates agreed with Saudi Arabia’s expectation that the group will extend its accord for another six months. The U.A.E.’s energy minister, while stressing that the 1.2 million barrel-a-day cut will clear an inventory buildup in the first half, hinted additional curbs could be discussed.
WTI for Feb. delivery trades at $45.62/bbl, +3c, on Nymex at 8:58am in Seoul .
Source : Bloomberg