Oil prices slipped on Monday over worries that the result of next Sunday's
meeting of producers in Qatar aimed at freezing current output levels would fail
to improve the current supply-demand balance.
Brent crude futures, the global
benchmark, were down 27 cents at $41.67 a barrel at 0810 GMT, retreating from a
three-week high reached on Friday.
Oil prices rallied more than 6 percent on last week after data showed U.S. energy firms had cut oil rigs for a third straight week to the lowest since November 2009. U.S. WTI crude also eased on Monday, falling to $39.51 a barrel, down 21 cents from the prior session. "Prices will move back and forth this week on expectations for Doha. This morning it seems that speculation is being scaled back again.
Oil prices rallied more than 6 percent on last week after data showed U.S. energy firms had cut oil rigs for a third straight week to the lowest since November 2009. U.S. WTI crude also eased on Monday, falling to $39.51 a barrel, down 21 cents from the prior session. "Prices will move back and forth this week on expectations for Doha. This morning it seems that speculation is being scaled back again.
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