Oil Touches 2018 Low as Oversupply Puts Pressure on OPEC to Cut

November 23, 2018 Share Print 0

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.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.