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Oil prices drop on doubts about output cuts


12-08-2016 00:44 BJT

Oil prices slipped on Wednesday on doubts that promised production cuts by OPEC and Russia would be deep enough to end a global supply glut.

Crude oil and Brent have been trading low, dropping by about 0.3 percent. Prices initially surged after OPEC and Russia announced last week that they would cut production next year in an effort to prop up markets.

But OPEC and Russia both have reported record production and output elsewhere was also resilient since the deal was announced.

Meanwhile, the United Arab Emirates' energy minister said he remains optimistic about obtaining commitments later this week from non-OPEC producers to cut output.

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