Oil falls as U.S. drilling undermines drive to tighten markets
SINGAPORE Oil prices fell on Monday as a relentless rise in U.S. drilling undermined an OPEC-led push to tighten supply.
MOSCOW Russia's oil output in 2016 is expected to total 547.5 million tonnes, a 2.5 percent increase from the previous year, Energy Minister Alexander Novak told reporters late on Tuesday.
Novak also suggested that a meeting of a committee of OPEC and non-OPEC members to monitor the implementation of oil production cuts could take place in January.
The committee includes Russia, Oman, Algeria, Venezuela and Kuwait. Novak said he had not yet received proposals from these countries on when to meet.
(Reporting by Olesya Astakhova and Katya Golubkova, writing by Denis Pinchuk, editing by Peter Hobson)
Gold held near its highest in four weeks on Monday after rising almost 1 percent in the previous session, buoyed as geopolitical tensions boosted its safe-haven appeal.