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REUTERS
Oil slipped to one-week lows Monday, as several Opec and non-Opec ministers met to discuss a pact to curb oil output but the prospect of the group delivering deeper cuts grew more distant.
REUTERS
Oil slipped to one-week lows Monday, as several Opec and non-Opec ministers met to discuss a pact to curb oil output but the prospect of the group delivering deeper cuts grew more distant.
Brent September crude futures fell 18 cents on the day to $47.88 a barrel by 8:50am GMT. The price fell 2.5% on Friday after a consultancy forecast a rise in Opec production for July. NYMEX crude for September delivery fell 20 cents to $45.57 a barrel.
"Deeper production cuts have been ruled out, but on the agenda will be caps for exempted Opec members Libya and Nigeria," PVM Oil Associates analyst Stephen Brennock said.
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