West Texas Intermediate for March delivery was at $52.87 a barrel on the New York Mercantile Exchange, down 15 cents, at 12:08 p.m. in London. Total volume traded was about 21 percent below the 100-day average. The contract lost 82 cents to $53.01 on Monday. Prices averaged $52.61 last month. Brent for April settlement was 13 cents lower at $55.59 a barrel on the London-based ICE Futures Europe exchange. The contract dropped $1.09, or 1.9 percent, to $55.72 on Monday. The global benchmark traded at a premium of $2.11 to April WTI. click Read More below for more of the story
Oil prices fell on Monday as an uptick in U.S. drilling and concerns about demand due to the slow progress in U.S.-Chinese trade talks overshadowed support from OPEC-led supply restraint.
“Oil prices are still trying to figure out what lead to follow. On the one hand, there is the OPEC+ cut story, now coupled with increasing issues around Venezuelan supply”, Vienna-based consultancy JBC Energy said.
more at source: https://www.reuters.com/article/us-global-oil/oil-prices-steady-opec-cuts-countered-by-slow-progress-in-trade-talks-idUSKCN1Q0013