Global oil prices fell on Monday after OPEC failed to advance on an oil output deal over the weekend at their meeting in Vienna.
International benchmark Brent crude oil decreased by 0.53 percent to $50.41 while U.S. WTI retreated by 0.60 percent to $48.41 at 06:59 GMT on Monday.
On Sept. 27, OPEC members agreed to cut oil production down to a range of 32.5 and 33 million barrels per day effective from November.
On Oct. 29, the OPEC high-level committee, established by the Algiers Accord on Sept. 27, met with non-OPEC oil producing countries in Vienna to further discuss details of an output deal.
No decision was reached on Oct. 29, after Iran objected to cutting oil output, citing a low production level due to previous sanctions on its economy and especially its oil industry.
The group failed to determine individual quotas in accordance with the goal of reducing production to 32.5 and 33 million barrels per day.
The possibility of an outcome remains to be seen at the cartel's Nov. 30 meeting, despite speculation that a deal may not be realized.
(Anadolu Agency)
