Brent reverses lower on profit-taking

International benchmark Brent reversed lower in American trade after earlier gains in Europe to two-month highs amid active profit-taking. 

As of 13:55 GMT, Brent fell to $62.35 a barrel, with a session-low at $62.15, and the highest since December 7 at $63.61. 

Brent surged 2.75% on Friday, the third profit in four days as Venezuelan output faces turmoil and disruptions, and after a steep decline in OPEC's production. 

Oil rose an average of 3.4% last week, the fourth weekly profit in the last five weeks, on growing hopes for a US-China trade agreement. 

OPEC's Output 

In initial data, OPEC's production stood at 30.7 million bpd in January, down by 860 thousand bpd from December levels, and the steepest monthly decline in two years. 

OPEC agreed with Russia and other independent producers to cut global output by 1.2 million bpd starting January, with OPEC committed to a 800 thousand bpd cut. 

However, prospects are hurt by expected weak demand in China after data showed weakness in the economy, which grew by the slowest pace in three decades in 2018.