09 November, 2018
Crude Oil traded lower during the Asian session on Friday at 60.59 slightly climbing back from its lowest level since March recorded earlier in the session. Oil markets on Friday remained weak as rising supply and concerns of an economic slowdown pressured prices, with U.S. crude now down by around 20 percent since early October. Oil prices continue to decline and are now officially in a bear market, having declined 20 percent from their (October) peak. Analysts said the main downward price pressure came from rising supply, despite the U.S. sanctions against Iran that were imposed this week, as well as concerns over an economic slowdown. In another report that worried investors The Wall Street Journal reported that Saudi Arabia's top government-funded think-tank is studying the possible effects on oil markets of a breakup of OPEC in a story citing unnamed people familiar with the matter. The OPEC and non OPEC joint ministerial committee is due to meet on Sunday and a full OPEC meeting will take place in December 6 which will discuss the current production limitation agreement due to expire in December.