Crude oil prices remained lower extending recent losses after OPEC and Russia failed to make concrete plans to curb production.
Rttnews says that Iran has reportedly nixed plans for a meaningful reduction in output after years of crippling sanctions.
Meanwhile, economic concerns and political uncertainty in the U.S. have markets in a cautious mood.
WTI light sweet crude oil was down 20 cents at $46.70 a barrel, the lowest in a month.
The American Petroleum Institute is out with its U.S. oil inventories survey this afternoon, while the government report is scheduled for tomorrow.
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