Oil prices crash to their lowest level of 2018 despite Saudi Arabia's proposed production cut
- Brent crude hits lowest price since December 2017.
- OPEC is set to meet on December 6th to discuss supply concerns.
- Weaker global growth and a supply glut depressing prices.
- Follow Brent's price throughout the day at Markets Insider.
Brent crude is staying lower for longer.Oil markets continued to drop Friday as persistent concerns about a glut in global supply were exacerbated by weaker economic conditions. Advertisement
"We will not sell oil that customers don't need," said Saudi Energy Minister Khalid al-Falih.Supply concerns are expected to lead to OPEC cutting production at a summit on December 6th with prices still stuck in a bearish position. Oil briefly touched $86 in early October before dropping dramatically in the past month.
Volatility is also high in energy markets with WTI and crude reaching levels not seen since the the 2014-2016 market slump and before that the financial crisis of 2008, according to Reuters."The market is currently oversupplied," according to a note from US investment bank Jefferies. Advertisement
Get the latest Oil WTI price here.
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