By Srinivas Chowdary Sunkara // petrobazaar // 28th Nov, 2017.
Crude oil prices extended losses below 0.5% on Tuesday due to uncertainty over outcome of the OPEC and non-OPEC meeting on production cuts extension. The market had expected further cuts beyond March, 2018. Russia feels that their mission is accomplished with an increased crude oil price after production cuts pact affected from Nov, 2016. unfortunately many of the OPEC countries are expecting further high prices which will be a lifeline for Shale producers to capture the global markets. non-OPEC members are not interested in losing the market share and the timeline of future projects. Uncertainty is looming over the Keystone pipeline to bring Canada's crude to U.S and is expected to pump at a reduced pressure from Tuesday onward after getting an approval from U.S authorities.
WTI and Brent price today
U.S crude futures for January delivery are trading at $57.97 per barrel with a slid of 14 cents or 0.241% on Nymex while Brent futures dropped by 2 cents with 0.313% at $63.64 a barrel on London based ICE Futures Europe exchange.