All eyes on Opec as US oil prices fall erasing any gains for the year

Crude's slump from its early-October peak above $76 a barrel comes as US production is at a record

It’s all eyes on OPEC as U.S. oil prices fell for 10 consecutive days, wiping out any gains for the year.

Futures in New York slid 0.8 per cent to settle at $60.19 a barrel on Friday, a day after falling into a bear market on concerns growing supplies will overwhelm the market, as the U.S. offered nations waivers to continue buying Iranian oil. The plunge will push OPEC and its allies into a corner as they gather in a highly-anticipated meeting this weekend that could yield a signal on future production cuts.

“The Iranian sanctions were supposed to be a game-changer