Oil Down On OPEC Doubts As It Floats 6-Month Output Cap Plan

NEW YORK, Oct 11 (Reuters) - Oil prices on Tuesday retreated from one-year highs, after OPEC said it was trying to reach a global agreement to cap production for at least six months amid doubts about how much that would reduce a crude glut.

The International Energy Agency, the energy watchdog of the West, said it was unclear how rapidly global oil supply could fall in line with demand even if the Organization of the Petroleum Exporting Countries and major producer Russia agreed on a steep output cut.

"Net, we find that an agreement to cut production, while increasingly likely, remains premature given the high supply uncertainty in 2017," Goldman Sachs said in a note.

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