BLOOMBERG.COM
Oil prices were little changed on Monday near multi-month lows, dragged down by worries about oversupply as Opec saw record output last month and as the US rig count rose again.
Oil prices were little changed on Monday near multi-month lows, dragged down by worries about oversupply as Opec saw record output last month and as the US rig count rose again.
London Brent crude for January delivery was trading down 3 cents at $44.72 a barrel early on Monday, after settling down $1.09 on Friday. The benchmark on Friday hit its lowest since 11 August at $44.19.
NYMEX crude for December delivery was down 8 cents at $43.33 a barrel. The contract closed down $1.25 on Friday after dropping as low as $43.03, its weakest since 20 September.
Oil has been under pressure since before Opec said on Friday that its output rose to a record 33.64 million barrels per day in October, up 240,000 bpd from the previous month.
Read more>
Read more>