Oil falls to lowest since late 2017 on emerging supply glut, Opec expected to cut


Oil falls to lowest since late 2017 on emerging supply glut, Opec expected to cut

Oil prices plunged to their lowest since late 2017 on Friday in choppy trading, weighed down by an emerging crude supply overhang and a darkening economic outlook.

To counter bulging supply, the Organization of the Petroleum Exporting Countries (Opec) is expected to start withholding output after a meeting planned for Dec. 6.

International benchmark Brent crude oil futures fell their lowest since December 2017 at $61.52 per barrel, before recovering to $62.13 by 0741 GMT. That was 47 cents, or 0.8 per cent below their last close. Read More

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