Crude Oil prices declined sharply in the last session as political tensions between the US & China increased whereby US oil production soared.
WTI crude declined 4% However, the oil price ended above the month’s average, on a monthly basis, with the OPEC meeting next month predicting that oil production could be cut.
Brent crude closed at USD 62.43, down 1.44pc. Overall, Brent crude fell 1.5pc this week. However, since this April, the November contract is up by 6pc.
WTI crude fell for the week by 2.94pc to USD55.17 and fell 4.1PC this week and has risen 2.3% on a monthly basis. Get the best commodity Tips the experts. For the best crude oil tips visit our website.
Investors expect OPEC and OPEC plus countries to cut oil production by 2020 at a meeting in December. As a result, oil prices are favored. In January this year, OPEC and OPEC allies agreed to impose 12-mln barrels of oil per day until March.