Oil futures retreated on Monday following news that Iraq is unwilling to participate in OPEC’s coordinated production deal, according to Bloomberg MarketWatch.
December West Texas Intermediate crude dropped 33 cents, or 0.7%, to settle at $50.52 a barrel on the New York Mercantile after a brief dip below $50.
December Brent crude, the global benchmark, fell 32 cents, or 0.6%, to end trading at $51.46 a barrel on London’s ICE Futures Exchange.
Over the weekend, Iraqi oil officials reportedly indicated they would not scale back output which currently stands at 4.77 million barrels a day.
OPEC members are scheduled to meet in Vienna on November 30 to discuss individual production quotas that would limit the cartel’s production to a maximum of 33 million barrels a day.
Meanwhile, November natural gas shed 16.2 cents, or 5.4%, to settle at $2.831 per million British thermal units on the New York Mercantile Exchange, marking the lowest settlement since September 9. Futures have fallen for three straight sessions, including a 4.7% drop on Friday.
