US oil settles at $48.22 a barrel, down 56 cents as supply concerns keep prices under pressure
Oil prices slipped on Monday despite news that OPEC was supportive of extending a six-month deal to cut output as investors continue to grapple with worries about growing U.S. oil output and high inventories.
Benchmark Brent crude futures briefly surged into positive territory, but edged back down again, after sources within the group said the Organization of the Petroleum Exporting Countries was considering extending production cuts into the second half of 2017.
The brief surge repeats a pattern that has emerged in the last 10 days after a market rout that saw big speculators exit bullish positions on persistently high inventory figures. Crude has made a few attempts to rebound after a 10 percent decline a week-and-a-half ago, but the surges have generally been brief.
Written by Jonathan Alcorn for Reuters.com