Crude volatile as OPEC meets to decide on output cuts

NEW DELHI: Crude oil prices spiked on Monday morning to over $53 per barrel, for Brent, before diving to below $51 per barrel as members of the oil exporters cartel OPEC met via video conferencing to thrash out a consensus on whether or not to increase production in February.

The decision will have an impact on fuel prices in India if the group decides to keep output steady at current levels.

With Chinese oil demand turning out to be stronger than expected, crude prices will likely keep trending upward if the status quo on output is maintained.