Oil headed for its biggest monthly decline since 2008 as Russia reiterated it’s comfortable with current prices, just a week before it meets with OPEC in Vienna to discuss possible production curbs.
Futures in New York pared earlier gains to fall as much as 1.8 percent. Russian Energy Minister Alexander Novak told Tass news agency that his nation’s oil output will hold steady until the end of the year, with current prices agreeable to both producers and consumers.
West Texas Intermediate for January delivery fell 72 cents to $50.73 a barrel on the New York Mercantile Exchange at 11:07 a.m. London time, taking WTI’s decline this month to 22 percent. The contract gained 2.3 percent on Thursday. Total volume traded Friday was 30 percent above the 100-day average.
Brent for January settlement, which expires Friday, slid 55 cents to $58.96 a barrel on London’s ICE Futures Europe exchange, extending the month’s decline to 22 percent. The global benchmark crude traded at an $8.24 premium to WTI. The more-active February contract fell 58 cents.
Source : Bloomberg