Oil keeps losses in Asia on failed OPEC-Non-OPEC talks

Oil prices on both sides of the Atlantic extended declines in the Asian trade this Monday, as sentiment remains dampened amid failed talks over the weekend between OPEC and non-OPEC producers.

Oil eyes weekly supply reports, USD index

Currently, both crude benchmarks trade marginally lower, with both the Brent and WTI attempting minor-recovery from Friday’s extensive sell-off. Oil remains in the red as markets digest weekend’s OPEC and non-OPEC nations’ meeting, with non-OPEC producers making no specific commitment to join OPEC in curbing output levels to stimulate prices.    

On Friday, oil prices suffered steep losses after markets gave away riskier assets, after the reports of FBI re-opening Clinton’s emails-case hit the wires and dented investors’ confidence.

According to the US Commodity Futures Trading Commission (CFTC), money managers cut their net long US crude futures and options positions for the first time in five weeks in the week ended Oct. 25. This report also collaborated to the bearish tone around the black gold.