Oil prices traded mixed on Monday, reversing some of the losses from the previous session after Saudi Energy Minister Khalid al-Falih hinted that the current output cut agreement might be extended once again, beyond March 2018. The minister discussed the notion with his counterparts from Venezuela and Kazakhstan on Sunday with all three officials noting that such measures might aid further stabilization of the crude prices.
OPEC members and other major oil producers led by Russia agreed to cap the global production of oil by as much as 1.8 million barrels per day in order to battle the market oversupply that has been prevailing for three years. The original agreement that came into force in January 2017 for the next six months was later extended for another nine-month period until March next year.
West Texas Intermediate for October delivery gained 0.38% to trade for $47.67 per barrel at 9:51 am CET. In the meantime, international benchmark Brent for settlements in November lost 0.22%, changing hands for $53.65 per barrel at 9:54 am CET.