03 Oct '16, 1am

Oil prices fall despite planned OPEC output cut: SINGAPORE (Reuters) - Oil prices fell away from $50 per barr...

Oil prices fall despite planned OPEC output cut: SINGAPORE (Reuters) - Oil prices fell away from $50 per barr...

By Henning Gloystein | SINGAPORE SINGAPORE Oil prices fell away from $50 per barrel on Monday despite last week's agreement by exporters to cut output, with traders doubting the step was big enough to rein in production that has exceeded consumption for the better part of three years. Brent crude futures LCOc1 were trading down 35 cents, or 0.7 percent, at $49.84 per barrel at 0053 GMT. U.S. West Texas Intermediate (WTI) futures CLc1 were down 40 cents, or 0.83 percent, at $47.84 a barrel. Oil trading activity will be limited on Monday as public holidays in China and Germany mean Asia's and Europe's biggest markets are shut. The price falls came despite last week's agreement by members of the Organization of the Petroleum Exporting Countries (OPEC) to cut output to between 32.5 million barrels per day (bpd) and 33.0 million bpd from about 33.5 million bpd, with details to ...

Full article: http://www.reuters.com/article/us-global-oil-idUSKCN12303...

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