Oil trades lower, WTI drops over 3%

Crude futures traded lower on Friday with West Texas Intermediate (WTI) dropping over 3% ahead of next week’s OPEC+ meeting in Vienna. According to reports, the cartel and other major producers are expected to agree to prolong current output cuts but are unlikely to implement larger cuts.

Russia’s Energy Minister Alexander Novak stated he would prefer the decision on the extension of the output cut deal to be made closer to April as current cuts are set to expire in March 2020. Meanwhile, Bloomberg reported that Saudi Energy Minister Prince Abdulaziz bin Salman is planning to tell OPEC members that his country intends to stop compensating for other members’ non-compliance with larger than planned production cuts.

WTI for settlements in January sank 3.28% to sell for $56.31 per barrel at 10:16 am ET and international benchmark Brent for January delivery fell 1.72% to go for $62.67 per barrel at the same time.


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