# Oil markets: Crude falls amid supply glut, OPEC expected to cut

> Oil prices fell to a one-year low on Nov 23, with Brent down about 3.7% to near $60 and WTI losing over 5% intraday. Crude is on course for its biggest monthly decline since 2014 as US, Russian and Saudi supply grows faster than demand. OPEC is expected to begin withholding output after a Dec. 6 meeting.

- Date: 2018-11-23 · published 2018-11-23T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/62214-oil-markets-crude-falls-amid-supply-glut-opec-expected-to-cut
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Lower crude prices weaken the energy-linked cost of biofuel feedstocks and diesel, and pressure vegetable oil and ethanol-linked margins. Expected OPEC cuts are a potential support, but the market has not yet priced them in.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- cnbc.com: https://www.cnbc.com/2018/11/23/oil-markets-crude-supply-global-economy-in-focus.html

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