MTECHTIPS:-Crude oil settles lower as Opec compliance meeting gets underway


MTECHTIPS:-Crude oil settles lower as Opec compliance meeting gets underway

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MTECHTIPS- Crude futures settled lower on Monday, amid renewed oversupply jitters, following an uptick in U.S. output to a two-year high while concerns over Opec’s wavering commitment to production cuts continued as a meeting of Opec and non-Opec members got underway. On the New York Mercantile Exchange crude futures for September delivery fell 19 cents to settle at $48.39 a barrel, while on London’s Intercontinental Exchange, Brent lost $0.11 to trade at $52.31 a barrel. Fresh from posting a weekly loss, crude futures showed little sign of a rebound, as data showed U.S. production rose to a two-year high while a rebound in Libyan oil output also added to oversupply concerns. U.S. weekly oil production hit 9.43 million bpd in the week to July 28, the highest since August 2015 and up 12 percent from its most recent low in June last year. In Libya, Output at the Shankara field, the country’s largest oil field, was returning to normal after a brief disruption by armed protesters in the coastal city of Zawiya, the National Oil Corporation (NOC) said.

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