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US oil dips on increased drilling, but Opec cuts support global markets

The deal to cut output expires in March 2018, but Opec will meet on November 30 to discuss its policy, with most analysts expecting some form of agreement to extend the cuts

Reuters  |  Singapore 

Oil prices dipped on Monday, with US crude easing from two-year highs on the prospect of increased output, although global markets were slightly better supported by expectations an OPEC-led supply cut would be extended. Weak Chinese stock market data also weighed on oil futures markets, traders said. US West Texas Intermediate (WTI) crude futures were at $58.47 a barrel at 0750 GMT, down 48 cents, or 0.8 per cent, from their last settlement. Brent crude futures were at $63.68 a barrel, down 21 cents, or 0.3 per cent. US crude production has risen by 15 per cent since mid-2016 ...

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First Published: Mon, November 27 2017. 14:09 IST