Oil prices slip on doubts over output cuts | Reuters

Oil prices slip on doubts over output cuts | Reuters:

"Oil prices slipped on Monday, pressured by doubts that large oil producers will reduce production as promised and on expectations that U.S. production would increase again this year. Benchmark Brent crude oil LCOc1 was down 10 cents a barrel at $55.35 by 0915 GMT (04:15 a.m. ET) and U.S. light crude CLc1 fell 10 cents to $52.27. The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut production by 1.2 million barrels per day (bpd) to 32.5 million bpd from Jan. 1 in an attempt to clear global oversupply that has depressed prices for more than two years."



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