Oil prices traded in the red on Monday, reversing gains from earlier in the session amid rising investor confidence following the reopening of the US refineries. Despite the fall in prices, crude values retained a relatively high level, close to record highs after the International Energy Administration (IEA) stated its global demand outlook has been revised upwards for 2017.
Meanwhile, market watchers were also somewhat reassured by greater compliance figures by OPEC and 15 other major oil producers with the output cut agreement. Meanwhile, some of the OPEC members also hinted that further crude production caps beyond March 2018 are possible.
West Texas Intermediate for October declined 0.38% to sell for $49.62 per barrel at 3:37 pm CET while the international benchmark Brent for settlements in November lost 0.79%, changing hands for $55.19 per barrel at 3:38 pm CET.
