Oil Poised for Worst Month in 10 Years on Specter of Supply Glut
Friday, 30 November 2018 13:24 WIB | ENERGY |WTIminyak mentah WTI

Oil's on track for its worst month in a decade on growing fears over a global supply glut that's been exacerbated by American waivers to Iranian crude buyers.

Futures in New York are set to drop about 21 percent in November, falling for a second month. While Russia showed a willingness to join Saudi Arabia in curbing output, the outcome of an OPEC meeting in Vienna next week is still unclear as the group is under pressure from President Donald Trump to lower prices. Meanwhile, the specter of expanding U.S. crude stockpiles has also been haunting the market.

West Texas Intermediate for January delivery traded at $51.46 a barrel on the New York Mercantile Exchange at 3:03 p.m. in Seoul. The contract gained 2.3 percent to close at $51.45 on Thursday. Total volume traded was slightly above the 100-day average.

Bloomberg

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