# Oil plunges nearly 8 percent despite talk of output cut | Reuters

> Oil prices fell nearly 8 percent to their lowest level in more than a year, extending a seventh weekly loss. Traders fear a supply glut led by US producers, even though OPEC is expected to consider output cuts after a December 6 meeting.

- Date: 2018-11-23 · published 2018-11-23T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/10264-oil-plunges-nearly-8-percent-despite-talk-of-output-cut-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Oversupply fears and weak demand expectations push crude prices lower, which reduces energy and fertilizer costs. The planned OPEC cut is a possible support if it is implemented.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2018-11-23 | 5 | -11.6% | -3.3 | Nov 23 plunge of nearly 8% to a one-year low on US-led supply glut fears is the direct driver of the weekly decline. |

## Sources

- reuters.com: https://www.reuters.com/article/world/oil-plunges-nearly-8-percent-despite-talk-of-output-cut-idUSKCN1NS012/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.