World oil prices dipped in subdued trade on Monday after the OPEC
crude producers' cartel opted late last week to leave its output ceiling
unchanged.
In early afternoon London deals, Brent North Sea crude
for July shed 26 cents to $63.05 a barrel, compared with Friday's
closing level.
US benchmark West Texas Intermediate (WTI) for delivery in July reversed 52c to $58.61 a barrel.
"Crude
oil prices opened lower this week and continued to remain under
pressure following the OPEC meeting on Friday which failed to provide
any direction," said Sucden brokers analyst Myrto Sokou.
"The outcome from OPEC meeting... failed to surprise the oil market participants as OPEC members maintained the current level of crude oil output, as expected."
Investors were mulling the long-term impact on prices after the 12-nation Organisation of the Petroleum Exporting Countries (OPEC) on Friday defied calls to cut output to alleviate a global supply glut that has seen prices slump almost 50 percent over the past year.
Instead, they kept their collective target at 30 million barrels per day - where it has stood for more than three and a half years.
OPEC countries are reported to be actually pumping more than 31 million barrels a day, with the risk of more coming on line.
US benchmark West Texas Intermediate (WTI) for delivery in July reversed 52c to $58.61 a barrel.
"Crude
oil prices opened lower this week and continued to remain under
pressure following the OPEC meeting on Friday which failed to provide
any direction," said Sucden brokers analyst Myrto Sokou."The outcome from OPEC meeting... failed to surprise the oil market participants as OPEC members maintained the current level of crude oil output, as expected."
Investors were mulling the long-term impact on prices after the 12-nation Organisation of the Petroleum Exporting Countries (OPEC) on Friday defied calls to cut output to alleviate a global supply glut that has seen prices slump almost 50 percent over the past year.
Instead, they kept their collective target at 30 million barrels per day - where it has stood for more than three and a half years.
OPEC countries are reported to be actually pumping more than 31 million barrels a day, with the risk of more coming on line.
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