Investing.com – Oil prices edged lower during European morning hours on Monday, as investors await a monthly report from the Organization of Petroleum Exporting Counties for further evidence that crude producers are adhering to planned output cuts.
Crude oil for March delivery on the New York Mercantile Exchange shed 45 cents, or around 0.9%, to $53.41 a barrel by 4:10AM ET (09:10GMT).
Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London slipped 49 cents, or about 0.9%, to $56.20 a barrel.
OPEC is scheduled to publish its first assessment of its January production in its monthly oil market report later on Monday.
Oil prices rallied on Friday on reports that OPEC has delivered more than 90% of pledged oil output curbs in January, making a strong start to implementation of its first production cut in eight years.
Read More: https://www.investing.com/news/commodities-news/oil-ticks-down-ahead-of-opec-report-459505
Source: Investing.com (13 February 2017)