Oil slides from nine-week highs
Oil prices edged lower on Monday, sliding away from nine-week highs, as worries lingered over high production from Opec and the United States.
Global benchmark Brent crude futures were down 60 cents, or 1.14 percent, at $51.82 a barrel at 1113 GMT. They traded as low as $51.56 a barrel earlier in the day.
US crude futures were down 55 cents, or 1.11 percent, at $49.03 per barrel, but up from the day's low of $48.78 a barrel.
Both contracts stood more than $1 below the levels hit last week, which marked their highest since late May, when oil producers led by the Organization of the Petroleum Exporting Countries extended a deal to reduce output by 1.8 million barrels per day (bpd) until the end of next March.
Comments