08/12/2018
SINGAPORE (Reuters)
On Friday, oil prices fell driven by OPEC's postponement of a final decision on production cuts while waiting for support from Russia, a heavyweight producer, which reportedly did not want to cut output by more than 150,000 barrels a day.
Brent crude futures fell below $ 60 a barrel in early trade, then traded at $ 59.49 a barrel by 0643 GMT, down 57 cents, or 1 percent, from the previous close.
US WTI crude futures were $ 50.98 a barrel, down 52 cents, or 1 percent.
The price declines came after crude fell nearly 3 percent in the previous session, as the Organization of the Petroleum Exporting Countries (OPEC) ended a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut supplies to prepare instead to discuss the issue today.
The Russian news agency quoted a source as saying today that Russia wants to reduce its oil production by a maximum of 150 thousand barrels per day in the first three months of 2019.
Analysts expect OPEC to reduce oil production more than Russia.
