The black gold is falling amid expectations of OPEC’s meeting to take place on 30th November. The countries that have not voiced a clear opinion on future oil production volumes yet are supposed to make a final decision.
Brent futures for January settlement dropped to $58.7/bbl Tuesday morning, which is 19 cents or 0.3% lower than the previous value. One contract cost dropped to $63.84/bbl on Monday evening at ICE Futures Europe, which is 0.2 cents or 0.03 % lower than the previous value.
WTI futures for January settlement dropped to $57.77/bbl Tuesday morning, which is 34 cents or 0.59% lower than the previous value. One contract cost fell to $58.11/bbl on Monday evening at NYMEX, which is 84 cents or 1.42% lower than the previous value.
The OPEC meeting will take place on Thursday, 30th November, in Vienna. OPEC members, including Russia, will discuss a necessity to extend the oil production cut agreement till the end of 2018.
Despite the countries’ determination to extend the agreement, analysts are afraid Russia can postpone discussions till March 2018.
It’s worth mentioning that Russian Energy Minister Alexandre Novak had backed up the extension earlier.