Oil settles with a modest loss as OPEC+ committee meeting fails to prop up prices
Oil futures settled a nickel lower on Monday (http://www.marketwatch.com/story/oil-struggles-for-direction-as-coronavirus-cases-accelerate-libya-boosts-output-11603109612), as a committee meeting of Organization of the Petroleum Exporting Countries and their allies failed to provide much support for prices. In a statement (https://www.opec.org/opec_web/en/press_room/6170.htm), the committee reiterated their commitment to the production-cut agreement and said it "encouraged" participating countries to increase efforts to compensate for "overproduced volumes" to rebalance the market. November West Texas Intermediate crude fell 5 cents, or 0.1%, to settle at $40.83 a barrel on the New York Mercantile Exchange.
-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 19, 2020 14:45 ET (18:45 GMT)
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