Crude prices stay under pressure ahead of oil gathering in Istanbul
On Monday, crude prices stood below $50 per barrel during early Asia trade, as the number one commodity remains under pressure after on Friday, the Russian Energy Minister told he wasn’t committing to sign an output deal with OPEC members at this week’s World Energy Conference.
In New York, November delivery light, sweet crude futures were worth $49.35 per barrel, tumbling 1% during the Globex electronic trading session. As for December delivery Brent crude futures traded in London, they dipped 0.8%, hitting $51.51 a barrel.
News that Russia wasn’t actually committed to a deal kept reversing gains crude made the previous week, that had mostly come on reports that the country would meet with major OPEC members for the purpose of discussing a joint cut in output in Turkey.
In late September, the 14-member group decided to drop between 200,000 barrels and 700,000 barrels per day of their production in order to alleviate the global crude glut, which has weakened oil prices for more than two years.