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Oil prices drop ahead of OPEC meeting

FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic suffered a moderate drop on the back of a strong USD and caution ahead of Friday’s OPEC meeting.

At the time of writing, Brent Jan futures were down 26 cents or 0.58% at USD 44.62/barrel. WTI futures were down cents or 0.30% at USD 41.59/barrel. Oil prices are heading for declines of as much as 10% this month due to supply glut, strong US dollar and a low prospect of a cut in OPEC production. Oil prices suffered losses today as the USD index rose to a 8-month high.

The Friday’s OPEC meeting is unlikely to result in a output cut, however, markets could find relief if Saudi moves towards the idea of working on price support measures in future.

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