Oil prices crash to their lowest level of 2018 despite Saudi Arabia's proposed production cut

FILE PHOTO:  A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017 .   REUTERS/Christian Hartmann

Thomson Reuters

A oil pump is seen at sunset outside Scheibenhard

  • 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.