NEW-YORK (NASDAQ) — On the NYMEX, the barrel of WTI crude oil (December contract) still stumbles by 2.2% to $58.6 today, while the barrel of Brent loses 2% to $68.7. Oil prices had unsuccessfully attempted a technical rebound yesterday, after a drop of about 20% in crude oil prices since the beginning of October (with increases in offers from the USA, Saudi Arabia or Russia).

WTI (NYMEX) Price

End of day Commodity Futures Price Quotes for Crude Oil WTI (NYMEX)
(Source: NASDAQ)

“Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!”, Donald Trump said last night on Twitter.

Saudi Arabia, a major oil exporter and OPEC leader, has announced a scheduled reduction in its oil production for December. The Saudi Minister of Energy Khaled al-Faleh announced that he plans to reduce his oil supply to world markets by 500,000 barrels/day in December. Iraq and Kuwait — also members of OPEC — as well as other exporters, may also consider reducing their offers next year.

Following the Joint Ministerial Monitoring Committee (JMMC) OPEC/non-OPEC meeting in Abu Dhabi, Saudi Arabia also explained that the analyses showed the need for a production reduction of 1 million barrels/day. Russia, on the other hand, asked OPEC and its partners to react in moderation. The Russian authorities thus warn against hasty decisions.