(UTV|SINGAPORE) – Oil markets were tepid on Monday (20) as traders were reluctant to take on big new positions ahead of an OPEC (Organisation of the Petroleum Exporting Countries) meeting at the end of the month, when the producer club is expected to decide whether to continue output cuts aimed at propping up prices.
Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.47 per barrel at 0752 GMT, down 25 cents, or 0.4 percent, from their last close.
The United States (US) West Texas Intermediate (WTI) crude futures were at $56.57 a barrel, up just 2 cents from their last settlement.
Traders said they were avoiding taking on large new positions due to uncertainty in markets.
Courtesy: Reuters
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