Oil Prices Fall On Uncertainty Over OPEC Output Cuts, Pipeline Restart

Oil prices slipped in early Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts. U.S. West Texas Intermediate (WTI) futures were down 24 cents at $57.87, after falling 1.4 percent in the previous session. U.S. crude touched $59.05 a barrel on Friday, the highest level since mid-2015, fulled by the outage of the Keystone pipeline, one of Canada’s main crude export routes to the United States. But Trans Canada Corp this week said it would restart the 590,000 barrel-per-day pipeline at reduced pressure later on Tuesday after getting approval from U.S. regulators. Brent futures fell to $63.73 a barrel, down 11 cents from the previous close. Uncertainty over Russia’s determination to join with other major oil producers in extending crude production curbs beyond next March has weighed on oil markets.

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