Brent Crude dropped back below $60 a barrel and is currently trading at $58.14, down 1.6%, after data showed US inventories continued to grow, while Russia indicated it has limited interest in cutting supply. Russian President Vladimir Putin said current prices are “absolutely fine” ahead of an important OPEC meeting December 6. WTI, down 1.1%, traded below $50 for the first time in over a year.
Falling oil prices could prompt world leaders to agree on production policy at G-20 summit, analysts told CNBC. The plunge in prices has added pressure on the OPEC alliance to execute another round of supply cuts.
