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Crude Oil Drops, Heading to Worst Monthly Decline in 10 Years

November 30, 2018 at 19:16 by Vladimir Vyun

Crude oil dropped today amid uncertainty whether the Organization of Petroleum Exporting Countries and its allies, including Russia, will agree to reduce oil production at the meeting next week. There were conflicting reports on the matter. Reuters said yesterday that “Russia is becoming increasingly convinced it needs to reduce oil output in tandem with OPEC.” But Russian Energy Minister Alexander Novak told Russian news agency TASS today:

To me, the current price range is comfortable for producers and consumers.

Additionally, market participants were concerned about the Group of Twenty meeting over the weekend. In particular, they were interested in the meeting between the US and China’s leaders, which may determine how the trade war between the two countries proceed.

Futures for delivery of WTI crude oil in January declined 0.58% to $51.15 per barrel as of 18:56 GMT on NYMEX today. Contract for Brent crude dropped 1.21% to $58.79 per barrel on ICE.

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