Prices of crude futures were falling on Friday as the Organization of Petroleum Exporting Countries (OPEC) convenes to reach an agreement on a production cut with non-OPEC countries.
A report from earlier in the day said that Russia is willing to curb its oil production only by 150,000 barrels per day. Yesterday, Saudi Energy Minister Khalid al-Falih said he was unsure if Russia would agree to a proposed cut of 1 million barrels per day, and earlier, he stated that a decision will have to be made unanimously among OPEC and non-OPEC oil producers participating in the meeting.
West Texas Intermediate deliveries for January declined 0.27% to $51.58 per barrel at 8:21 am GMT, after sliding over 1% previously during the session. At the same time, Brent deliveries for February lost 0.15%, selling for $60.22 per barrel, reducing the decline of over 1% recorded shortly before.