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Oil prices slipped and hovered near multi-month lows as investors overlook indications of solid compliance by OPEC and other oil producers with an agreement to reduce global production.
Global benchmark Brent fell 11 cents or 0.2 percent at $45.91 per barrel after sliding almost 2 percent in the prior session to its lowest finish since November. U.S. crude futures fell 8 cents or 0.2 percent at $43.43 after over 2 percent drop to the lowest since September in the previous session.
Observance of an agreement by OPEC and other producers to lower production by around 1.8 million bpd for six months from January hit its highest level since May since curbs were agreed in the previous year.
According to analysts, the lack of a positive reaction in crude prices indicated participants are not convinced that the OPEC's efforts will help push up prices, adding that a significant drawdown in crude inventories is needed for prices to increase.
