Barclays expects extension to OPEC-led output cut deal

London-based Barclays PLC said it expects OPEC and non-OPEC oil producers to extend the oil output cut deal by six or nine months in the next meeting scheduled for November 30 in Vienna, Reuters reported on Monday.

"Whether or not the countries extend and the duration of the deal are not the relevant questions in our view. We believe the level of the cut is what really matters, and we assign a low likelihood to this detail being announced on November 30," analysts at the bank said.

Brent crude is projected to remain above $60 per barrel (bbl) in Q4 2017, ahead of dropping to $55 bbl next year.

Brent last traded 0.36 percent lower to $63.63 bbl on Monday.