Oil prices slumped to their lowest levels of 2018 Friday, ramping up the pressure on OPEC ahead of a much-anticipated meeting between the influential oil cartel and its allied partners.
International benchmark Brent crude traded at around $59.47 a barrel, down $3.13, or 5 percent at 9:08 a.m. ET Friday morning. Meanwhile, West Texas Intermediate crude (WTI) fell $3.37, or 6.2 percent, to $51.26 after briefly sliding about 7 percent below $51 a barrel in light trading due to the Thanksgiving holiday
The latest wave of energy market selling comes amid escalating concerns about an increase in global supply and a slowdown in economic growth.
OPEC and non-OPEC members are expected to start curtailing output at a meeting in Vienna on December 6.
But, so far, the prospect of the Middle East-dominated group orchestrating a fresh round of supply cuts has done little to prop up crude futures.
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