Oil dips on OPEC output-cut concerns, stocks shaky

Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in FrankfurtBy Saqib Iqbal Ahmed NEW YORK (Reuters) – Oil prices fell sharply on Monday to touch a one-month low on doubts about OPEC's ability to implement its planned production cut, while global equity prices were shaky as Wall Street struggled to build on a sentiment boost from a string of M&A deals. Oil prices dropped more than $1 a barrel after officials from the Organization of the Petroleum Exporting Countries (OPEC) and non-member producers met in Vienna on Saturday but failed to make any specific commitment to join OPEC countries in limiting output to support prices. "Unless OPEC can circle the wagons and get everyone on the same page, the market's going to be skeptical." Brent crude settled down $1.41, or 2.84 percent, at $48.30 a barrel, while U.S. crude settled down $1.84, or 3.78 percent, at $46.86.

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