Oil prices fall on OPEC compliance concerns

Oil prices fall on OPEC compliance concerns

- in Economy, News

NEW YORK, August 9, 2017 — Oil prices fell on Monday as investors were concerned that major oil exporters’ output cut deal may not be effective enough.

Officials from Organizations of the Petroleum Exporting Countries (OPEC) and non-OPEC countries are meeting in Abu Dhabi on Monday and Tuesday to discuss ways to boot compliance with an output cut deal.

Major oil producers have agreed to reduce supply by 1.8 million barrels a day through next March in order to ease a global glut that has lingered for about three years.

The West Texas Intermediate for September Delivery lost USD0.19 to settle at USD49.39 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased USD0.05 to close at 52.37 dollars a barrel on the London ICE Futures Exchange. (Xinhua)

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