{"id":41132,"date":"2018-12-01T07:51:58","date_gmt":"2018-12-01T12:51:58","guid":{"rendered":"https:\/\/olduvai.ca\/?p=41132"},"modified":"2018-12-01T07:51:58","modified_gmt":"2018-12-01T12:51:58","slug":"oil-prices-set-to-book-worst-month-in-a-decade","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=41132","title":{"rendered":"Oil Prices Set To Book Worst Month In A Decade"},"content":{"rendered":"
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Oil Prices Set To Book Worst Month In A Decade<\/a><\/h3>\n
\"Refinery\"<\/picture><\/div>\n
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Oil prices dropped early on Friday, on course to finish their worst month since 2008, as fears of oversupply and slowing demand growth dragged oil down into a bear market in November with prices off by some 30 percent from four-year highs in early October.<\/p>\n

At 07:10 a.m. EDT on Friday, WTI Crude<\/a> was down 1.81 percent at $50.52, and Brent Crude<\/a>traded down 1.47 percent at $59.03.<\/p>\n

On Thursday, oil prices jumped<\/a> on reports that Russia had conceded that it needs to reduce oil production and join a new Saudi-led OPEC cut to balance the market.<\/p>\n

The rise didn\u2019t last long\u2014prices headed down again on Friday, pressured by rising U.S. oil production and comments by Russia\u2019s Energy Minister Alexander Novak, who said in an interview<\/a> with the TASS news agency that \u201cTo me, the current price range is comfortable for producers and consumers.\u201d<\/p>\n

Earlier this week, Russian President Vladimir Putin also signaled that Moscow is okay with oil prices at their current levels.<\/p>\n

Russia is comfortable<\/a> with oil at around $60, Putin said, a week ahead of the OPEC+ meeting in Vienna and just two days before the G-20 summit in Buenos Aires.<\/p>\n

In his interview with TASS published on Friday, Novak, as usual, was elusive about Russia\u2019s position about a new production cut, and said that Moscow will have its stance ready by the December 6-7 meeting.<\/p>\n

Before the OPEC\/non-OPEC meeting, the oil market will be looking for clues about global economy and trade at this weekend\u2019s G-20 summit. U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet on the sidelines of the event to discuss the trade war. Putin, for his part, is expected to meet with Saudi Crown Prince Mohammed bin Salman and the two may discuss the OPEC-Russia oil cooperation, days ahead of the OPEC+ meeting.<\/p>\n

The next few days could provide some major catalyst for oil prices.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Oil Prices Set To Book Worst Month In A Decade Oil prices dropped early on Friday, on course to finish their worst month since 2008, as fears of oversupply and slowing demand growth dragged oil down into a bear market in November with prices off by some 30 percent from four-year highs in early October. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[7844,344,592,23083,595,600,694,701,14603,857],"class_list":["post-41132","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-donald-trump","tag-g20","tag-oil-price","tag-oil-price-com","tag-oil-production","tag-opec","tag-russia","tag-saudi-arabia","tag-tsvetana-paraskova","tag-vladimir-putin"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=41132"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41132\/revisions"}],"predecessor-version":[{"id":41133,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41132\/revisions\/41133"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}