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Oil prices push lower as investors watch for news from OPEC meeting

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Abu Dhabi, the site of this week’s OPEC meeting

Oil futures edged down on Monday, on concerns about major oil producers’ wavering commitment to output caps and ahead of a meeting of the Organization of the Petroleum Exporting Countries. The two-day gathering in Abu Dhabi will discuss members’ compliance level to the output pact the cartel inked with 10 other oil suppliers, including Russia, in late 2016. The deal so far hasn’t produced meaningful effects to tamp down global output or inventories. On the New York Mercantile Exchange, crude futures for delivery in SeptemberCLU7, -1.35%  were recently down 64 cents, or 1.3%, to $49.94 a barrel in the Globex electronic session. October Brent crude LCOV7, -1.28%  on London’s ICE Futures fell 71 cents, or 1.3%, to $51.72 a barrel. Oil futures are being weighed down by, “concerns over compliance with the OPEC cuts,” said Emily Ashford, director of energy research at Standard Chartered.

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