Oil markets were subdued on Monday, with Brent struggling to maintain US$50 per barrel as efforts led by Opec to tighten the market were undermined by persistently rising US production.
Brent crude oil futures briefly rose above US$50 per barrel in early trading, but had dipped back to US$49.94 by 0040 GMT.
US West Texas Intermediate futures were at US$47.69 a barrel, weighed down by ongoing climbs in US production.
Investors continue to doubt the ability of Opec to rebalance the oil market, with crude oil prices remaining under pressure amid further signs of rising US oil production.
Saudi's OilMin
The OPEC’s monitoring committee meets in Russia in July
Key Considerations:
Further cuts to oil production output could be needed
OPEC and producers would assess the situation in July
"We have to see the market and it is considered that by the end of June, in July we will see that the action they have taken has a big impact
"If for some reason they need to do more, they will consider doing more including ... bigger cuts."
"Nothing is off the table but today nothing is on the table either.
Current Crude Oil Status:
Currently, Crude Oil is trading at 48.12, up +0.97%, having posted a daily high at 48.12 and low at 47.66.
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