KONTAN.CO.ID - NEW YORK. Oil prices were down on Monday, but reversed some losses after hitting their lowest since early January on conflicting reports about whether Saudi Arabia and other OPEC oil producers are considering a half-million barrel daily output increase. Brent crude futures for January fell $1.41, or 1.6%, to $86.21 a barrel by 12:16 p.m. EST (1716 GMT). U.S. West Texas Intermediate (WTI) crude futures for December were down $1.69, or 2.1%, at $78.39 ahead of the contract's expiry later on Monday. Both benchmarks had plunged by more than $5 a barrel earlier in the session after the Wall Street Journal reported an increase of up to 500,000 barrels per day will be considered at the OPEC+ meeting on Dec. 4.
Oil Prices Waffle on Conflicting OPEC+ Output Reports
KONTAN.CO.ID - NEW YORK. Oil prices were down on Monday, but reversed some losses after hitting their lowest since early January on conflicting reports about whether Saudi Arabia and other OPEC oil producers are considering a half-million barrel daily output increase. Brent crude futures for January fell $1.41, or 1.6%, to $86.21 a barrel by 12:16 p.m. EST (1716 GMT). U.S. West Texas Intermediate (WTI) crude futures for December were down $1.69, or 2.1%, at $78.39 ahead of the contract's expiry later on Monday. Both benchmarks had plunged by more than $5 a barrel earlier in the session after the Wall Street Journal reported an increase of up to 500,000 barrels per day will be considered at the OPEC+ meeting on Dec. 4.