Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Crude Oil Prices Settle Lower Ahead of Opec Meeting

Published 11/20/2017, 02:42 PM
Updated 11/20/2017, 02:42 PM
© Reuters.

© Reuters.

Investing.com – Crude oil prices settled lower on Monday as traders opted for caution ahead of the OPEC meeting in Vienna, where it’s widely expected that OPEC and non-OPEC producers will agree to extend output curbs.

On the New York Mercantile Exchange crude futures for December delivery fell by 46 cents to settle at $56.09 a barrel, while on London's Intercontinental Exchange, Brent fell 51 cents to trade at $62.21 a barrel.

Oil futures added to losses sustained last week as traders opted against initiating bullish bets on oil prices ahead of the Organization of the Petroleum Exporting Countries (OPEC) on Nov. 30.

In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November last year.

With a little over a week to go until the Opec meeting, investor expectations of an extension to the deal to curb outputs remained elevated following several weeks of positive comments from OPEC producers.

"We're expecting a potential extension of the deal, that's the general market consensus, OPEC knows that it needs to continue doing what it's doing because its targets haven't been reached," said Mustafa Ansari, energy economist at development bank Arab Petroleum Investments Corp.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.