Brent crude edges up, but concern over demand limits gains::(WWW.COMMODITY.GURU)

Oil prices edged up on Monday after evidence that a recent fall to 15-month lows may be affecting output in the United States, the world’s largest producer, although concern about the outlook for demand tempered gains.

Brent crude futures (LCOc1) were up 12 cents at $53.94 a barrel by 0858 GMT, while U.S. crude futures (CLc1) lost 3 cents to $45.56.

Brent fell 11 percent last week and hit its lowest since September 2017, while U.S. futures slid to their lowest since July 2017, bringing the decline in the two contracts to 35 percent so far this quarter.

The price drop has caused U.S. shale oil producers to curtail drilling plans for next year.



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