Oil prices drop amid output cut skepticism

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New York, Dec 7 (IANS) Oil prices dropped on Tuesday, breaking four-session win streak, as market fear record crude output and the reaction of US shale producers may undermine the Organisation of the Petroleum Exporting Countries (OPEC)’s output cut deal.

The West Texas Intermediate for January Delivery decreased 0.86 dollars to settle at 50.93 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery erased 1.01 dollars to close at 53.93 dollars a barrel on the London ICE Futures Exchange.

–IANS

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