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Oil prices fall slightly ahead of OPEC meeting

2018-11-28 08:56

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Oil prices dropped slightly on Tuesday amid expectations that oil exporters would agree to cut output at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) next week.

Oil prices have tumbled to the lowest level since last October due to overwhelming fears of oversupply. Investors remained doubtful over potential supply cuts, which tops the agenda of a meeting between Saudi-led OPEC and its allies on Dec. 6 in Vienna.

Trump has repeatedly called on OPEC not to cut output as he thought oil prices should continue to fall.

Since the president backed Saudi Crown Prince Mohammed bin Salman over journalist Jamal Khashoggi's death, analysts said that Saudi Arabia would possibly not confront with Washington over oil prices.

The West Texas Intermediate for January delivery was down 7 U.S. cents to settle at 51.56 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery dipped 0.27 dollar to close at 60.21 dollars a barrel on the London ICE Futures Exchange. 
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