Oil weakens as OPEC meeting nears

News Image

MG News | November 21, 2017 at 03:20 PM GMT+05:00

0:00

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.

Related News

Name Price/Vol %Chg/NChg
KSE100 135,939.87
307.74M
-0.41%
-562.67
ALLSHR 84,600.38
877.08M
-0.56%
-479.52
KSE30 41,373.68
101.15M
-0.43%
-178.94
KMI30 191,069.98
82.45M
-1.17%
-2260.79
KMIALLSHR 55,738.07
422.01M
-1.03%
-577.24
BKTi 38,489.75
45.79M
-0.02%
-8.33
OGTi 27,788.15
6.87M
-1.24%
-350.24
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,970.00 118,090.00
117,475.00
1230.00
1.05%
BRENT CRUDE 68.86 69.41
68.60
-0.35
-0.51%
RICHARDS BAY COAL MONTHLY 96.50 96.50
96.50
0.50
0.52%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.25
-2.05
-1.92%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.83 66.87
66.73
0.31
0.47%
SUGAR #11 WORLD 16.56 16.61
16.25
0.26
1.60%

Chart of the Day


Latest News
July 15, 2025 at 05:46 PM GMT+05:00

Labubu Mania drives Pop Mart’s profit surge


July 15, 2025 at 05:22 PM GMT+05:00

Big industry output rises 2.29% in May


July 15, 2025 at 04:22 PM GMT+05:00

SYS set for 71% profit surge on global tailwinds



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg