An OPEC delegate recently crossed the wires announcing that the meeting has concluded and they haven’t decided on the figure of the output cut. The delegate further added that the debate would continue with non-OPEC members on Friday.
West Texas Intermediate, or U.S. crude, lost 21 percent in November, tumbling to its lowest level in a year and logging its worst performance since October 2008.
U.S. West Texas Intermediate (WTI) crude futures were at $51.30 per barrel at 0023 GMT, down 15 cents, or 0.3 percent from their last settlement.
Gold Silver Reports (GSR) – The meeting, at which OPEC members will consider how to arrest a decline in oil prices, comes days after leaders of top global oil producers – Russian President Vladimir Putin, Saudi Crown Prince Mohammed bin Salman and Trump – travel to Argentina for a G20 summit this week.
Crude Oil on MCX settled up 0.12% at 4109 supported by expected supply cuts from OPEC but held back by record U.S. production.
Gold Silver Reports (GSR) – Iranian Oil Minister Bijan Namdar Zanganeh said he had a good meeting with his Saudi counterpart in Vienna on Friday and he wasn’t feeling pessimistic about the possibility for a compromise — a reversal of his position on Thursday night. After a tumultuous few weeks that have whipsawed crude markets, his comments suggested oil consumers from the U.S. to India and China could soon find some relief from high prices.