Uncertainty remains over OPEC production cuts

After early gains, crude oil prices were lower on Tuesday as uncertainty remains over exactly what news will come out of an emergency meeting of the Organization of Petroleum Exporting Countries later in the week in Qatar. While earlier reports said that proposed production cuts will come out of actual production rather than official quotas, it is unclear whether the rumored agreement will hold. There was also uncertainty surrounding remarks out of OPEC on Monday which hinted that the cuts expected to come out of this week’s meeting could be followed by further reductions in production in December.

November contracts for Brent crude dropped 40 cents after first concerns over the OPEC statement declined to trade at $61.26 per barrel, while West Texas Intermediate crude for November delivery was 64 cents lower to $59.30 per barrel.