Oil is intact close to multi-month minimums
On Monday, crude prices were little changed, staying close to multi-month minimums, being dragged down by concerns regarding oversupply as OPEC witnessed record output the previous month and as the American rig count surged again.
In London, January delivery Brent crude futures traded up 4 cents, being worth $44.79 per barrel. On Friday, the given benchmark reached its lowest since August 11, trading at $44.19.
Meanwhile, December delivery NYMEX crude futures dipped 5 cents, trading at $43.36 a barrel. On Friday, the contract concluded down $1.25 having sagged as low as $43.03, the weakest result since September 20.
On Monday, the greenback added to a nine-month peak against other currencies, thus pressuring crude prices.
On Friday, the Organization of the Petroleum Exporting Countries reported that its output ascended to a record 33.64 million barrels a in October, up 240,000 bpd from last month.
OPEC intends to cut or freeze production, though traders are quite skeptical that such a deal will be successfully reached during the cartel's November 30 gathering, and they’re concerned that whatever agreement reached wouldn’t be efficient.