WTI crude oil prices slipped to $50.70, pressed by record Saudi Arabian production even as the state tried to convince other exporters to agree on output cuts ahead of an OPEC meeting next week.
As per the recent news, Saudi Arabia raised oil production to an all-time high in November, pumping 11.1 – 11.3 million barrels per day (bpd) during the month.
Investors, especially buyers, are hoping that the leaders of G20 will do something to ease the trade war between China and the US to support the falling oil prices. Meanwhile, OPEC meets on December 6 to discuss production policy together with some non-OPEC producers, including Russia.
Key Trading Level: 51.41