Oil slides from nine-week highs

Oil prices fell on Monday, slipping from nine-week highs, while concerns were lingering at a high output of OPEC and the United States.

Brent futures globally declined by 60 cents, or 1.14%, to $ 51.82 per barrel at 1113 GMT. They traded as low as $ 51.56 a barrel earlier in the day.

US crude futures contracts decreased by 55 cents, or 1.11%, to $ 49.03 per barrel, but up from $ 48.78 a barrel of the day.

Both contracts exceeded $ 1 below last week's levels, which have been their strongest since late May when oil producers led by the Organization of Petroleum Exporting Countries An agreement to reduce production by 1.8 million barrels per day (bpd) until the end of March next.

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