Oil futures fell more than 1 percent after OPEC announced oil production set new highs. Such news offset optimism about the agreement, which aims to control the market glut.
Increase in the dollar index to a seven-month high also weakened demand for oil. As oil prices are tied to the dollar, a stronger dollar makes oil more expensive for holders of foreign currencies.
Later today, the American Petroleum Institute will present its assessment on US petroleum inventories last week, and tomorrow US Department of Energy wil publish crude oil inventories. This week, both will report a day later, because Monday was a federal holiday in the United States.
The cost of the November futures for US light crude oil WTI (Light Sweet Crude Oil) fell to 49.99 dollars per barrel on the New York Mercantile Exchange.
November futures price for North Sea petroleum mix of mark Brent fell to 51.87 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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