Oil weakens as OPEC meeting nears

Oil prices took a tumble on Tuesday as investors await the upcoming OPEC meeting in Vienna on 30th of November. The meeting is expected to discuss the impending cuts in the oil production for the year 2018.

U.S. West Texas Intermediate (WTI) crude futures finished Monday's session down 46 cents at $56.09 a barrel.

 Brent crude futures were down 51 cents at $62.21 per barrel by 2:28 p.m. ET.

The Organization of the Petroleum Exporting Countries (OPEC), together with a group of non-OPEC producers led by Russia, has been restraining output since the start of this year in

The meeting will decide on the extension of cuts which expires in March, 2018 as OPEC members meet to discuss the oil policy and review the impact generated by efforts taken from OPEC to end supply glut.

It is widely believed that OPEC members along with its 10 nonmembers are expected to extend cuts into 2018. But there is just one exception, Russia.

Russia has been keeping its cards close to the chest as Ministers have hinted that they can operate at the $ 40 a barrel BRENT without any hiccups.

This Russian change of attitude, despite King Salman of Saudi Arabia visiting the Russia in a historic visit has hinted at a disagreement between the two nations. Russian reluctance may put the extension in jeopardy as other members will not be comfortable at watching Russia making big bucks while they cut production.

However, the official decision will clear the picture a lot more as to the future of oil prices.