Oil Slides On Supply Concerns- 19 November, 2019

Worries of an oil oversupply caused prices to drop with rumors that Russia will not cut its production further over the next year. International Brent crude was down 2.4% to $60.73 per barrel and U.S. crude dropped 3.38% to $55.12 per barrel. In addition, production by Norway was greater than expected for the month of October, further adding to the current oversupply as well as increased worries over global demand in the next year. In other commodities, Spot gold rose 0.1% to $1,472.19.