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Oil prices fell on Thursday ahead of the 20th meeting
Prices fell oil to its lowest level in 2018 today during a volatile session due to signs of a glut in supply amid gloomy economic prospects.
The decline came despite market expectations that the Organization of the Petroleum Exporting Countries (OPEC) will begin curbing production after a meeting scheduled for Dec. 6.
Brent crude futures fell to their lowest level since December 2017 at $ 61.52 a barrel before recovering to $ 61.88 a barrel by 0622 GMT.
This level is still down 72 cents, or 1.2 percent, from the previous close.
US WTI crude futures fell 2.5 percent to $ 53.29 a barrel, after it was five cents from the lowest level since October 2017, recorded earlier in the week.
Overall, the supply of crude in global markets has increased this year.
The three largest producers - the United States, Russia and Saudi Arabia - pumped more than a third of global consumption of about 100 million barrels a day.
"The market is overflowing at the moment," US investment bank Jefferies said Friday, adding that "the flooded market is going through a difficult time in terms of finding a floor (for the price)."
The increase in production comes at a time when demand is slowing as the global economy slows. Oil
prices fell about 30 percent from their peak levels in early October as global production began to exceed consumption in the fourth quarter of this year at the end of a short supply period that began in the first quarter of 2017, according to Rev. Enekon data.
To cope with falling demand, Saudi Arabia, the world's top crude exporter, said on Thursday it could cut supplies.
Saudi Arabia is pressing OPEC to cut crude supplies by as much as 1.4 million bpd to prevent a supply crunch.
The organization meets formally on December 6 to discuss production policy.
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