Oil falls as OPEC ties supply cut to Russia; Moscow said to back limited reduction
Friday, 7 December 2018 14:12 WIB |
Oil prices slid on Friday, pulled down by OPEC's move to delay a final decision on output cuts as its awaits support from heavyweight supplier Russia, which is reported to not want to reduce its output by more than 150,000 barrels per day (bpd).
International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.49 per barrel at 0643 GMT, down 57 cents, or 1 percent from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $50.98 per barrel, down 52 cents, or 1 percent.
The declines came after crude slumped by almost 3 percent the previous day, with the Organisation of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply, instead preparing to debate the matter on Friday.
Russia wants to cut its oil output by a maximum of 150,000 bpd for the first three months of 2019, RIA news agency cited a source as saying on Friday.
Analysts expect OPEC to cut more than Russia.