Oil prices drop on doubts over output cut extension

NEW YORK-- Oil prices declined on Monday as investors remained uncertain whether major producers would extend output cut deal to ease global oil glut.

The West Texas Intermediate for May Delivery erased 0.24 U.S. dollar to settle at 47.73 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 0.05 dollars to close at 50.75 dollars a barrel on the London ICE Futures Exchange.

Source: Philippines News Agency

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