Reuters: Oil drops as OPEC makes supply cut dependent on Russian support

08:55, 07 December 2018
Economy
173 0
REUTERS

International Brent crude oil futures LCOc1 fell below $60 per barrel early in the session, trading at $59.50 per barrel at 0144 GMT, down 56 cents, or 0.9 percent from their last close, Reuters said.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.24 per barrel, down 25 cents, or 0.5 percent.

Read alsoReuters: Oil prices slip on global growth concerns, swelling U.S. supply

The declines came after crude slumped by almost 3 percent the previous day, with the Organisation of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply, instead preparing to debate the matter on Friday.

"OPEC has decided to meet Friday again...(as) Russia remains the sticking point," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore.

Analysts still expect some form of supply reduction to be decided.

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