Oil prices fell on Monday, weighed by oversupply concerns, while expectations of an OPEC intervention next month to curb production limited losses.
International benchmark Brent crude oil futures LCOc1 fell 57 cents to $51.38 per barrel at 1348 GMT, after hitting a session high of $52.29 a barrel.
U.S. West Texas Intermediate (WTI) crude oil futures were trading at $49.65 per barrel, down 70 cents from their last settlement, after hitting a session high of $50.58.
Analysts said that while the market was supported by expectations that members of the Organization of the Petroleum Exporting Countries (OPEC) would take action to support prices late next month, oversupply continued to weigh.
“It’s very hard for the Brent crude price to sell below the $50 a barrel mark ahead of the November 30 meeting,” said Bjarne Schieldrop, chief commodities analyst at SEB.
He said that OPEC kingpin Saudi Arabia sent a very clear statement about working to curb production and support higher prices, but added that an oversupplied physical crude market was capping further gains in prices.