Sat. Nov 16th, 2019

U.S. oil prices drop 6% for the month

1 min read

Oil futures finished lower Friday, with U.S. front-month contract prices down roughly 6% for the month, according to FactSet data. Russian Energy Minister Alexander Novak said Russia’s oil output cuts in August will be slightly below those agreed to under the deal between OPEC and non-OPEC producers, Reuters reported, citing RIA and Interfax news agencies. That shook confidence surrounding the output-cut deal, analysts said. October West Texas Intermediate oil

CLV19, -2.94%

fell $1.61, or 2.8%, to settle at $55.10 a barrel on the New York Mercantile Exchange.

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