Trade Magnates - Oil prices started the week on a lower note on Monday as expectations for an OPEC extension of output cuts has been decreased. WTI crude futures fell to $56.60 a barrel while Brent crude futures dropped to $62.55 per barrel.
Oil prices fell as investors fear that rising US oil output may weaken OPEC efforts to cut off the excessive production, additionally, Russia is hesitant to support further extension to the cut off agreement.
Investor eyes are on the end of the month,30 Nov, meeting during which OPEC and non-OPEC countries energy ministers will discuss the production plan and possible decreases in production. The current agreement was extended for a period of nine months to reduce oil production by 1.8 million barrels per day.