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Oil falls ahead of upcoming OPEC meeting
Oil prices fell on Thursday as stock markets plummeted, but trading remained idle ahead of the OPEC meeting, which is expected to result in a supply cut aimed at scraping supply that has pushed crude down 30 percent since October.
Brent crude futures were trading at $ 61.06 a barrel by 06:19 GMT, down 50 cents, or 0.8 percent from the latest settlement.
WTI futures fell 60 cents, or 1.1 percent, to $ 52.29 a barrel.
Traders said oil prices were down on weak global financial markets, which saw stock market crash today.
Since early October, crude oil has lost about 30 percent of its value amidst rising supplies and concerns that any economic slowdown could dampen demand for fuel.
OPEC meets at its headquarters in Vienna on Thursday to decide on production policy.
OPEC crude oil production has risen 4.1 percent since mid-2018 to 33.31 million bpd.
http://economy-news.net/content.php?id=14641
Oil prices fell on Thursday as stock markets plummeted, but trading remained idle ahead of the OPEC meeting, which is expected to result in a supply cut aimed at scraping supply that has pushed crude down 30 percent since October.
Brent crude futures were trading at $ 61.06 a barrel by 06:19 GMT, down 50 cents, or 0.8 percent from the latest settlement.
WTI futures fell 60 cents, or 1.1 percent, to $ 52.29 a barrel.
Traders said oil prices were down on weak global financial markets, which saw stock market crash today.
Since early October, crude oil has lost about 30 percent of its value amidst rising supplies and concerns that any economic slowdown could dampen demand for fuel.
OPEC meets at its headquarters in Vienna on Thursday to decide on production policy.
OPEC crude oil production has risen 4.1 percent since mid-2018 to 33.31 million bpd.
http://economy-news.net/content.php?id=14641
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