Oil prices flounder as OPEC-Russia deal worries mount

Oil prices took a dip in the markets amid concerns that the output stability anticipated with a possible pact between Russia and the OPEC may not happen any time soon.

Reuters reports that as at Tuesday, 11 October 2016, “December Brent crude oil futures LCOc1 were down 42 cents at $52.72 a barrel by 1100 GMT, below Monday’s one-year high at $53.73, but off an intraday low at $52.51, while U.S. futures CLc1 were down 43 cents at $50.92 a barrel”.

The fall is not unconnected with a statement attributed Igor Sechin, head of Russia-owned oil giant, Rosneft, that the state-controlled oil company will not curtail oil production as part of a probable deal with OPEC.

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