Oil prices slide from nine-week highs

london - Worries linger over high production from Opec and the US

Oil prices edged lower on Monday, sliding away from nine-week highs, as worries lingered over high production from Opec and the United States.

Global benchmark Brent crude futures were down 65 cents, or 1.24 per cent, at $51.77 a barrel at 0926 GMT. US crude futures were down 59 cents, or 1.19 per cent, at $48.99 per barrel.

Both contracts stood more than $1 below the levels hit last week, which marked their highest since late May, when oil producers led by the Organisation of the Petroleum Exporting Countries extended a deal to reduce output by 1.8 million barrels per day (bpd) until the end of next March.

Doubts have since swirled around the effectiveness of the cuts, as Opec output hit a 2017 high in July and its exports hit a record.

"The market is looking for comment from Saudi Arabia signalling Opec will meet its agreed target," said Hans van Cleef, senior energy economist with ABN AMRO. "The possibility for [price] movement seems limited unless Opec comes out with a statement."

Officials from a joint Opec and non-Opec technical committee are meeting in Abu Dhabi on Monday and Tuesday to discuss ways to boost compliance with the deal. - Reuters