Oil Futures Tad Down; No Extension to OPEC Output Cap, for Now

Oil futures are down slightly at the beginning of the week in Asian trade, as major oil producers at a meeting of the Organization of Petroleum Exporting Countries last Friday didn't extend an ongoing oil production cap, despite boasting of record compliance with cuts.

--November Nymex light, sweet crude on the New York Mercantile Exchange was recently down 0.2% at $50.55 a barrel in the Globex trading session, while ICE Brent fell 6 cents to $56.80.

--Still, prices of Nymex and Brent are hovering near their best levels in months, on optimism that the production cap deal has caused some oversupplied markets to start showing signs of tightening. But higher prices could also see a fresh gush in U.S. shale oil production, offsetting some of the gains from the OPEC-led production cuts, analysts say.

Write to Biman Mukherji at biman.mukherji@wsj.com

(END) Dow Jones Newswires

September 25, 2017 00:35 ET (04:35 GMT)