MARKET WATCH: Crude oil benchmark prices decline

Light, sweet crude oil prices on the New York and London markets declined modestly Feb 11 pending release of a monthly production report by the Organization of Petroleum Exporting Countries. On Feb. 12, OPEC reported it reduced oil production in January by 797,000 b/d compared with December 2018. The cartel’s January production averaged 30.81 million b/d, OPEC’s secondary sources indicated.