By Srinivas Chowdary Sunkara // petrobazaar // 7th Dec, 2018.
Brent fell $1.5 or 2.4 pct to $60.06 and WTI lost $1.4 or 2.65% to $51.49 a barrel yesterday. Both the crude futures sagged above 2.5 pct in a choppy trading last night and continued dwindling today. Currently, Oil markets are seemingly weighed down by tumbling equity markets along side of everlasting wait for OPEC decision on what to do.EIA report of drawings in U.S crude stocks extended support to crude prices.
All eyes are now fixated on today's producer's meet to declare at least 1 Mbpd cuts to see a meaningful recovery in oil prices after taking a nod from Russia. Yesterday's meeting delayed the decision for further debate today.The producer's club should look at the prediction of falling crude to lows of $30 in case of missing to be on board to significant cuts. It is a typical situation, where producers need to decide whether they cut production and accept a small slice of market share or they protect market share at a risk of dwindling oil prices. Best wishes to producer's council and happy week end to all.
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