Oil prices declined Monday as investors awaited a closely-watched meeting of the Organization of the Petroleum Exporting Countries (OPEC) scheduled for this week.Oil prices declined Monday as investors awaited a closely-watched meeting of the Organization of the Petroleum Exporting Countries (OPEC) scheduled for this week.
OPEC and other key oil producers will meet on Thursday to discuss whether to extend the current price-supporting curbs on crude output.
Though it is widely expected that the agreement, which expires in March 2018, will be prolonged, uncertainties remain over the details of the extended deals.
Higher prices have encouraged greater output among U.S. producers. The number of rigs operating in U.S. oil fields rose by 9 to a total of 747 rigs last week, oilfield service firm Baker Hughes said in its weekly report on Friday.
The West Texas Intermediate for January delivery decreased 84 U.S. cents to settle at 58.11 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery dipped 2 cents to close at 63.84 dollars a barrel on the London ICE Futures Exchange.
OPEC and other key oil producers will meet on Thursday to discuss whether to extend the current price-supporting curbs on crude output.
Though it is widely expected that the agreement, which expires in March 2018, will be prolonged, uncertainties remain over the details of the extended deals.
Higher prices have encouraged greater output among U.S. producers. The number of rigs operating in U.S. oil fields rose by 9 to a total of 747 rigs last week, oilfield service firm Baker Hughes said in its weekly report on Friday.
The West Texas Intermediate for January delivery decreased 84 U.S. cents to settle at 58.11 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery dipped 2 cents to close at 63.84 dollars a barrel on the London ICE Futures Exchange.
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