MTECHTIPS;-Oil Prices Start the Week a Touch Higher on Hopes for

MTECHTIPS;-Oil Prices Start the Week a Touch Higher on Hopes for More OPEC Cuts

MTECHTIPS- Crude oil prices started the week a shade higher on Monday, after tumbling at the end of last week, when oversupply worries brought an end to a recent rally. U.S. West Texas Intermediate (WTI) crude futures inched up 10 cents, or around 0.2%, to $49.39 a barrel by 3:05 AM ET (0705 GMT). It touched its lowest level since Sept. 13 at $49.10 in the last session. WTI prices slumped about 5% last week to halt a four-week win streak, as concerns of overproduction resurfaced. There will be no floor trading on the Nymex on Monday because of the Columbus Day holiday in the U.S. All electronic transactions will be booked with Tuesday’s trades for settlement. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., tacked on 11 cents, or about 0.2%, to $55.73 a barrel. It had reached its lowest in nearly three weeks on Friday. The global benchmark closed last week with a loss of approximately 3.5%, its first weekly decline in six weeks. Prices remained supported as traders weighed the likelihood that OPEC-led production cuts will be extended through next year

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