NEW YORK, June 10 (Xinhua) -- Oil prices declined on Monday as investors were monitoring the latest development of an output-cutting deal extension.
The Organization of the Petroleum Exporting Countries (OPEC) and some non-member oil exporters including Russia have withheld supplies since the beginning of the year in order to balance supply and demand, and support oil prices.
Saudi Arabian Energy Minister Khalid al-Falih said on Monday that Russia was the only oil exporter still undecided on whether or not major exporters should extend the output deal, according to media reports.
The West Texas Intermediate for July delivery decreased 0.73 U.S. dollar to settle at 53.26 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery erased 1 dollar to close at 62.29 dollars a barrel on the London ICE Futures Exchange. Enditem