SINGAPORE – Oil fell below US$60 on Friday, reversing course from the previous day as traders weighed Opec’s plans to cut production by one million barrels per day (bpd) against overflowing stockpiles.
US crude dropped 33 cents to US$59,70 a barrel by 0404 GMT, after 62-cent gains on Thursday, when prices rallied to a peak of US$60,97 after the Opec comments. London Brent shed 27 cents to US$59,73.Officials from the Organisation of the Petroleum Exporting Countries (Opec) said on Thursday the group would cut output as soon as possible – its first output cut in more than two years.Nampa-ReutersLondon Brent shed 27 cents to US$59,73.Officials from the Organisation of the Petroleum Exporting Countries (Opec) said on Thursday the group would cut output as soon as possible – its first output cut in more than two years.Nampa-Reuters
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