Oil slides further as Russia opts to skip OPEC meeting

11/29, 11:46 AM (Source: TeleTrader.com)

Crude prices extended their losses on Tuesday dropping over 1% after Russia announced the country will not take part in the November 30 meeting of the Organization of the Petroleum Exporting Countries (OPEC), citing the fact it is not a member of the organization as the reason. Russia's Energy Minister Alexander Novak stated he hopes OPEC will agree to cut oil production at the regular meeting in Vienna.

However, investors' hopes a deal being reached on Wednesday faded after no details were agreed yesterday during the cartel's technical talks. 

International benchmark Brent for January slid 1.54% to sell for $47.35 per barrel at 11:38 a.m. CET. WTI for January delivery shed 1.49% to go for $46.17 per barrel at 11:29 a.m. CET.

Teletrader Newsroom / NP