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US crude dips as Opec head says group should not cut output
[SEOUL] US crude futures eased on Monday as the dollar strengthened and after Opec's head said the group should not cut output to "subsidise" higher-cost shale.
US crude had fallen 14 cents to US$49.47 a barrel by 0026 GMT, after settling down 2.3 per cent, or US$1.15, at US$49.61 a barrel in the previous session.
Brent oil dropped 35 cents to US$59.38 a barrel, after ending down 75 cents, or 1.2 per cent, at US$59.73 a barrel.
Organisation of the Petroleum Exporting Countries Secretary-General Abdullah al-Badri said to a conference that tight oil, a term he has used for shale, was "not a challenge for us" but the market should now be left to decide which source of petroleum could survive at current prices.
The US unemployment rate hit a 6-1/2-year low in February fed into the dollar's winning streak, making dollar-denominated crude more expensive.