Trade Magnates - Crude oil prices were uncertain on Monday ahead of Organization of Petroleum Exporting Countries, OPEC, meeting on Tuesday. The meeting will discuss whether major producers plan to extend their current production-cut agreement. Crude Oil was down at $58.19 a barrel off Friday’s two-year highs at $59.10, while Brent oil for February delivery was up at $63.70.
OPEC and other major oil producing countries meeting is scheduled on Tuesday to discuss the potential extension of the current production-cut agreement. Russia showed support on extending the deal on Friday without specifying an exact date as to when should the extension last.
OPEC led the production cuts have been one of the main reason behind the increase of oil prices. However, US increased its activity of oil production and therefore the output is expected to grow as producers are affected by the increase in prices, might dampen OPEC’s efforts to reduce oil production.