Investing.com - Oil prices extended losses from the prior session during European hours on Monday, after a weekend meeting among members of the Organization of the Petroleum Exporting Countries failed to cement an agreement to cut production.
Crude oil for December delivery on the New York Mercantile Exchange inched down 10 cents, or 0.2%, to $48.60 a barrel by 4:45AM ET (08:45GMT), after falling to $48.42 on Friday, the lowest level since October 4.
Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London shed 11 cents, or 0.22%, to $50.57 a barrel, after settling down 92 cents, or 1.78%, on Friday.
London-traded Brent prices slumped to $49.31 during the previous session, a level not seen since September 30, amid mounting skepticism over the implementation of a planned deal by OPEC to limit production.
Non-OPEC producers made no specific commitment on Saturday to join OPEC in limiting oil output levels to prop up prices, suggesting they wanted the oil producing group to solve its differences first.
On Friday, OPEC members failed to agree on how to put in place a global deal to limit production, following objections from Iran which has been reluctant to even freeze its output, sources said.
The 14-member oil group reached an agreement to cap output to a range of 32.5 million to 33.0 million barrels per day in talks held in Algeria in late September.
However, OPEC said it won’t finalize details on individual output quotas until its next official meeting in Vienna on November 30.
In September, the group’s production reached 33.4 million barrels a day.
The possibility that producers could walk away empty-handed from the November meeting looms large after Iraq, Iran, Nigeria and Libya all signaled they might not take part in the proposed production cut deal. Russia’s unclear stance is also fueling uncertainty.