Oil prices sag on weak stock markets, but traders keep eye on OPEC meeting
Thursday, 6 December 2018 14:03 WIB | ENERGY |MinyakWTIBrentOil,

Oil prices fell on Thursday as stock markets slid, but trading was tepid in the countdown to an OPEC-meeting expected to result in a supply cut aimed at draining a glut that has pulled down crude by 30 percent since October.

International Brent crude oil futures were at $61.06 per barrel at 06:19 GMT, down 50 cents, or 0.8 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.29 per barrel, down 60 cents, or 1.1 percent.

Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday.

The financial downturn has also hit oil markets hard. Since early October, crude oil has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand.

The Organisation of the Petroleum Exporting Countries (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy.

Led by Saudi Arabia, OPEC's crude oil production PRODN-TOTAL has risen by 4.1 percent since mid-2018, to 33.31 million barrels per day (bpd).

Source: Reuters

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