Oil held near $50 a barrel in New York on signs that OPEC and its allies probably won't go ahead with a much-touted emergency meeting, even as a global oversupply piles up.
West Texas Intermediate crude for March declined 0.5% to $50.09 a barrel on the New York Mercantile Exchange as of 11:22 a.m. in London. It closed 1.2% lower on Friday.
Brent for April delivery fell 0.4% to $54.25 a barrel on the London-based ICE Futures Europe exchange after losing 0.8% Friday. The global crude benchmarktraded at a $3.91 premium to WTI for the same month.
Source : Bloomberg