Oil prices static on uncertainty over planned production cut

 

International Brent crude oil futures LCOc1 were trading at $48.90 at 0209 GMT, down 5 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.94 per barrel, down 2 cents from their last settlement.

Traders said market activity was low due to the U.S. holiday, and there was a reluctance to take on big price directional bets due to uncertainty about a planned oil production cut, led by the Organization of the Petroleum Exporting Countries (OPEC).