Oil Falls as Traders Shrug Off OPEC-Led Pledge to Mull Extension
- Kuwait, Oman, Iraq among nations backing output-cut extension
- Libya’s Es Sider restarts loading after clashes halted exports
Barclays' Cohen Says Oil's Fall a 'Short-Term Blip'
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Oil fell as a pledge by OPEC-led producers to consider extending their output-cut deal failed to excite traders concerned that more time is needed to trim global stockpiles.
Futures dropped 0.5 percent in New York, extending their third weekly drop this month as rising U.S. supplies offset the effect of output curbs elsewhere. Five OPEC countries joined with non-member Oman to voice support for prolonging cuts past June, with Kuwait saying it should be for an additional six months. Russia said it needs more time before making a decision. Crude declines eased after failing to break though a multi-month low.