Oil dips below $62, Saudi deepens Jan supply curbs

Oil prices dipped below $62 on Monday, extending last week’s losses, as concern over brimming global fuel inventories offset a likely second OPEC supply cut and news of deepening Saudi export curbs.

U.S. crude fell 10 cents to $61.93 a barrel at 0735 GMT. London Brent crude traded 6 cents lower at $62.14.

The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Nigeria. OPEC agreed to lower output by 1.2 million barrels per day from November_1.

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