OPEC Meeting Keeps Oil Traders Cautious – 5 November, 2018

A weak stock market and weak global financial markets caused oil prices to take a dip ahead of the OPEC meeting on next steps to cut an excess of supplies, an issue that has caused crude prices to slide by roughly 30 percent in the last two months. Brent crude futures fell 0.1 percent and 7 cents to $61.49 per barrel, while U.S. West Texas Intermediate crude futures dropped 0.4 percent and 23 cents to $52.66 per barrel. OPEC will meet in Vienna on Thursday to hash out a production policy. Since the end of 2017, production by OPEC, Russia, and the U.S. has increase by 3.3 million bpd, for a total of 56.38 million bpd.