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Oil prices down after rising due to OPEC supply cut

The Address | Benghazi – Libya

LONDON – Oil fell on Monday, in line with further declines in global stock markets, erasing the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output from January.

Brent crude oil futures fell $1.02 on the day to $60.65 a barrel by 1045 GMT, while U.S. futures lost 98 cents to trade at $51.63 a barrel.

Prices rose 3 percent on Friday after the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day.

Reuters

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