MTECHTIPS;-Oil Prices Slip Amid Growing Worries of Oversupply; OPEC Meetings In Focus

MTECHTIPS;-Oil Prices Slip Amid Growing Worries of Oversupply; OPEC Meetings In Focus

MTECHTIPS-Oil prices slipped on Tuesday in Asia and traded near their lowest levels in more than a year amid growing concerns of an oversupply in the market. Crude Oil WTI Futures for January delivery edged down 0.4% to $51.41 a barrel at 12:33 AM ET (05:33 GMT) on the New York Mercantile Exchange, while Brent Oil Futures for February delivery also slipped 0.3% to $60.41 per barrel on London’s Intercontinental Exchange. Citing an industry source, Reuters reported that Saudi Arabia raised oil production to an all-time high in November and pumped around 11.1-11.3 million barrels per day. Meanwhile, the Organisation of the Petroleum Exporting Countries (OPEC) and its allies are set to meet in Austria next week, and they're expected to announce that output will be reduced. This week’s G20 summit is another major focus for market watchers, who will see if U.S. President Donald Trump and his Chinese counterpart Xi Jinping can de-escalate the U.S.-China trade war. In recent months, Trump has put pressure on his political ally Saudi Arabia, OPEC's de-facto leader, not to cut production

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119