Oil edges lower amid doubts over Opec cuts

TOKYO: Oil prices slipped on Tuesday amid doubts over whether Opec and other countries will continue to restrain output, edging lower after two days of gains on US economic data and hopes for a US-China trade deal.
Brent crude futures were down 14 cents, or 0.2 per cent, at $61.99 a barrel, having gained 0.7 per cent in the previous session.
US crude futures were down 18 cents, or 0.3 per cent, at $56.36 a barrel.
Markets have been eyeing a possible extension, or even a deepening, early next year of Opec’s current production curbs, which have been supporting oil prices.
“Opec might fall short of consensus to act in January given signs of disharmony in the ranks,” said Stephen Innes, market strategist at AxiTraders.
Russia lowered its oil output to 11.23 million barrels per day (bpd) last month from 11.25 million bpd in September, but again missed its obligations under a pact to curb production.
The Organization of the Petroleum Exporting Countries (Opec), Russia and other producers have since January implemented a deal to cut oil output by 1.2 million barrels per day. — Reuters