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Oil dips amid stock market slide, traders await OPEC meeting

Reuters  |  SINGAPORE 

By Gloystein

SINGAPORE (Reuters) - dipped on Thursday as stock markets slid and as traders eyed an OPEC meeting expected to result in a supply cut aimed at draining a glut that has pulled down crude by 30 percent since October.

International Brent futures were at $61.35 per barrel at 0747 GMT, down 21 cents, or 0.3 percent from their last close.

U.S. Intermediate (WTI) crude futures were at $53.17 per barrel, down 28 cents, or 0.5 percent.

The (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy in coordination with non-OPEC

Expectations are for a supply cut between OPEC and to be agreed between 1 and 1.4 million barrels per day (bpd).

Led by Saudi Arabia, OPEC's production has risen by 4.1 percent since mid-2018, to 33.31 million bpd.

from the world's biggest producers - OPEC, and the - has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption.

The increase alone is equivalent to the output of OPEC


Traders said were also being weighed down by weak global financial markets, which saw stock markets tumble on Thursday.

said in its Global Outlook published on Thursday that "investors need to lower their expectations" and that "2019 should be a period of lower returns and higher volatility".

The British said that it expected "the global economy to slow over the next several quarters" although it added that "not one economy is near recession."

The financial downturn has also hit hard. Since early October, has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand.

(Reporting by Gloystein; Editing by and Joseph Radford)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 06 2018. 13:26 IST