SINGAPORE (Reuters) – Oal is at its lowest level in 2018 on Friday in a fast-moving session to oversupply into a deep economic outlook.
An American oil refinery in Philadelphia.
The drop occurred despite the expectation of a brand that the organization of # Petroleum Exporting Countries (OPEC) will begin production after a meeting of December 6.
Brent rudders dropped since December 2017 at their lowest level at $ 61.52 a barrel before they get back to $ 61.88 a barrel by 0622 GMT.
This level is still 72 cents, or 1.2 percent, from the previous close.
The US WTI rich futures flowed 2.5 percent to $ 53.29 a barrel, after the five senses of the lowest level since October 2017, previously in & nbsp; a week.
Overall, the supply of rough on the global markets this year has increased. The three largest producers, the United States, Russia and Saudi Arabia have more than one third of the world's use of 100 million barrels per day.
"The market is currently overwhelming," said the US investment bank Jefferies on Friday, adding that "the flooded market due to a difficult time to find a floor (for the price)."
The increase in production is at a time when the demand loses than the world economy.
Oil prices flew about 30 percent of their peak stones in early October, when global production began to conquer in the fourth quarter of this year at the end of a short delivery period that began in the first four of 2017, according to Rev. Enekon data.
To deal with so much demand, Saudi Arabia, the largest raw exporter, on Thursday that could provide the material.
Saudi Arabia speaks OPEC to earn raw materials by as much as 1.4 million bpd to prevent a supply crunch.
The organization is formalized on December 6 on the product policy.
The preparation of Islam Yahya for the Arabic publications