Oil falls as Opec resists output cuts
Oil prices dropped more than $2 at one stage on Monday after Ali al-Naimi, the energy minister of Saudi Arabia, warned that the Organisation of the Petroleum Exporting Countries might keep production quotas unchanged when the oil cartel meets again next month.
Opec ministers from Kuwait, Nigeria and Algeria have said they see no need for further supply cuts. The group has proposed output cuts of 1.7m barrels a day since November.
ICE Brent for March delivery fell $2.04 to $56.97 a barrel in late afternoon trade. With the March Brent contract expiring at the close of trade on Tuesday, there was more dealing in the April Brent contract, which slipped $1.91 to $57.86 a barrel.
March West Texas Intermediate eased $1.73 to $58.16 a barrel in early afternoon trade on the New York Mercantile Exchange. March WTI popped through the $60 level on Friday for the first time since January 3.