SINGAPORE: OilNSE 1.68 % prices dipped on Monday amid tepid prospects for growth in fuel demand, but OPEC-led efforts to cut output offered some support.
US West Texas Intermediate (WTI) crude oil futures were at $56.46 per barrel at 0136 GMT, down 13 cents, or 0.2 per cent, from their last settlement.
Brent crude futures were at $65.60 per barrel, down 7 cents, or 0.1 per cent.
“Near term … it is hard to get very bullish on oil prices. The market is still working off the surpluses built in H2 2018, keeping OECD commercial inventories stuck above the five-year average,” said energy analysts at economic research firm TS Lombard.
