Oil extended its retreat as investor appetite for risk assets shrank and uncertainty persisted over how much OPEC output will need to be cut to counter booming U.S. shale supplies.
West Texas Intermediate for February delivery declined as much as 74 cents to $50.85 a barrel on the New York Mercantile Exchange, and traded at $51.03 at 1:43 p.m. in Singapore. It dropped 1.9 percent on Friday, snapping its longest rising streak in nine years. Prices still ended 7.6 percent higher last week.
Brent for March settlement fell 64 cents to $59.84 a barrel on the London-based ICE Futures Europe exchange, after ending 6 percent higher last week. The global benchmark traded at a premium of $8.52 a barrel to WTI for the same month.
Source : Bloomberg