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30 Nov 2015
Oil prices drop ahead of OPEC meeting
FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic suffered a moderate drop on the back of a strong USD and caution ahead of Friday’s OPEC meeting.
At the time of writing, Brent Jan futures were down 26 cents or 0.58% at USD 44.62/barrel. WTI futures were down cents or 0.30% at USD 41.59/barrel. Oil prices are heading for declines of as much as 10% this month due to supply glut, strong US dollar and a low prospect of a cut in OPEC production. Oil prices suffered losses today as the USD index rose to a 8-month high.
The Friday’s OPEC meeting is unlikely to result in a output cut, however, markets could find relief if Saudi moves towards the idea of working on price support measures in future.
At the time of writing, Brent Jan futures were down 26 cents or 0.58% at USD 44.62/barrel. WTI futures were down cents or 0.30% at USD 41.59/barrel. Oil prices are heading for declines of as much as 10% this month due to supply glut, strong US dollar and a low prospect of a cut in OPEC production. Oil prices suffered losses today as the USD index rose to a 8-month high.
The Friday’s OPEC meeting is unlikely to result in a output cut, however, markets could find relief if Saudi moves towards the idea of working on price support measures in future.