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Oil prices fell in early Asian trading as the market take a wait-see-approach on how OPEC and non-OPEC producers will implement their planned output cuts at the start of 2017.
The U.S. WTI crude futures lost 13 cents and traded at $53.77 per barrel after ending at $53.9 per barrel in the prior session. The benchmark has logged a 25% gain since mid-November. Meanwhile, Brent crude oil futures are yet to trade after settling 93 cents up at $56.09 per barrel.
Trading in the oil market is anticipated to remain weak this week ahead of the New Year holiday.
The market is currently on standby mode and is awaiting the official launch of the historic accord sealed by OPEC and other non-OPEC producers which is scheduled to begin on January 1.
Producing countries who have joined the pact are expected to reduce supply by around 1.8 million barrels per day. In an indication that major producers may fulfill their part of the bargain, Venezuela announced that it will cut 950, 000 bpd of oil production in the New Year.
Meanwhile, Russia's Gazprom Neft said it is looking to increase production by 4.5 to 5% in 2017, less than it had targeted before Russia joined the OPEC-initiated deal.
