US oil prices inch up, but global economic concerns weigh

US West Texas Intermediate (WTI) crude futures were at $51.35 per barrel at 0010 GMT, up 0.3 per cent, or 15 cents, from their last settlement.

International Brent crude oil futures had yet to trade.

“Despite OPEC and Russia agreeing to reduce oil production by a further 1.2 million barrels per day at the recent OPEC meeting, prices have fallen as the market awaits evidence that the cuts will balance the market,” ANZ Bank said on Monday.

The Organisation of the Petroleum Exporting Countries and its Russia-led allies have agreed to curb output from January by 0.8 million barrels per day (bpd), while non-OPEC allies contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April.

 

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