Oil falls late to settle below $60 for the first time since Feb 19

Author: Adam Button | Category: News

Oil dips into settlement

Oil dips into settlement
WTI crude oil settled $0.89 lower to $59.75 on a late-day drop. It had spent most of New York trading around $60.60 after testing these levels in Asia but a wave of selling hit late to quickly knock it 80-cents lower.

There's some anxiety in the market ahead of the OPEC meetings and decision on Thursday. Some optimistic comments from Saudi officials today have people worried that they'll announce an phased-out end to production curbs altogether along with a quick 1.5 mbpd increase for April.

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