Editorial Date: 2018/11/23 19:05 • 228 times read
International oil prices fell to their lowest level in more than a year on Friday and are heading towards the biggest one-month drop since late 2014, while crude producers are considering cutting production in an effort to curb a growing surplus in world supply.
Oil supplies are growing more rapidly than demand and to avoid an increase in unused fuel stocks, similar to what happened in 2015. The Organization of the Petroleum Exporting Countries (OPEC) is expected to start cutting output after a planned meeting on December 6.
But this has so far had little impact in support of prices, which have fallen more than 20 percent since the beginning of November, after seven consecutive weeks of losses.
London Brent crude <LCOc1> fell $ 3.34, or 5.3 percent, to $ 58.57 a barrel, its lowest level since October 2017.
Crude fell $ 4.03, or 7.4 percent, to $ 50.60 a barrel, also the weakest since October 2017, before recovering slightly $ 51.35