Sunday , December 16 2018
Home / Commodity Blog / Crude Oil Drops, Heading to Worst Monthly Decline in 10 Years

Crude Oil Drops, Heading to Worst Monthly Decline in 10 Years

Summary:
Crude oil dropped today amid uncertainty whether the Organization of Petroleum Exporting Countries and its allies, including Russia, will agree to reduce oil production at the meeting next week. There were conflicting reports on the matter. Reuters said yesterday that “Russia is becoming increasingly convinced it needs to reduce oil output in tandem with OPEC.” But Russian Energy Minister Alexander Novak told Russian news agency TASS today: To me, the current price range is comfortable for producers and consumers. Additionally, market participants were concerned about the Group of Twenty meeting over the weekend. In particular, they were interested in the meeting between the US and China’s leaders, which may determine how the trade war between the two countries proceed. Futures

Topics:
Vladimir Vyun considers the following as important:

This could be interesting, too:

Marc Chandler writes Dollar Benefits from being Less Ugly

Vladimir Vyun writes Crude Oil Falls Further Even as US Drillers Reduce Number of Oil Rigs

Vladimir Vyun writes Commodities Trade in Red During Friday’s Session

Andrew Moran writes Oil Gains on Second Straight Drop in Crude Inventories

Crude oil dropped today amid uncertainty whether the Organization of Petroleum Exporting Countries and its allies, including Russia, will agree to reduce oil production at the meeting next week. There were conflicting reports on the matter. Reuters said yesterday that “Russia is becoming increasingly convinced it needs to reduce oil output in tandem with OPEC.” But Russian Energy Minister Alexander Novak told Russian news agency TASS today:

To me, the current price range is comfortable for producers and consumers.

Additionally, market participants were concerned about the Group of Twenty meeting over the weekend. In particular, they were interested in the meeting between the US and China’s leaders, which may determine how the trade war between the two countries proceed.

Futures for delivery of WTI crude oil in January declined 0.58% to $51.15 per barrel as of 18:56 GMT on NYMEX today. Contract for Brent crude dropped 1.21% to $58.79 per barrel on ICE.

If you have any questions and comments on commodities today, use the form below to reply.


Commodity Blog, 2018. | Permalink | No comment | Add to

Better Feed from Ozh

Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

Leave a Reply

Your email address will not be published. Required fields are marked *