27.03.201708:12:00UTC+00Oil Stuck Below $48 As OPEC Doubts Linger

Crude oil futures edged down Monday, holding near 4-month lows amid concerns about OPEC's ability to end a global supply glut.

WTI light sweet crude oil was down 34 cents at $47.62 a barrel.

OPEC and certain non-OPEC nations are looking to extend their six month supply quota agreement until the end of the year.

Ministers from the past weekend's OPEC meeting reported "high level of conformity and recommends six-month extension".

However, "OPEC's market intervention has not yet resulted in significant visible inventory drawdowns, and the financial markets have lost patience," analysts at Jefferies said in a research note.

Meanwhile, U.S. production skyrocketed over the winter. Baker Hughes said the number of active U.S. rigs drilling for oil rose by 21 to 652 rigs last week.

U.S. crude oil inventories are already at record highs. The EIA said Wednesday that stockpiles rose another 4.5 million barrels.