MOSCOW, November 14 (Sputnik) — WTI and Brent December futures prices fell by more than 3 percent Friday amid fears that the Organization of the Petroleum Exporting Countries (OPEC) is not going to decrease oil production, Friday trading results showed.
"The further price drop is certainly a reflection of an entrenched bearish market sentiment that is rooted in doubts about OPEC's willingness to respond to rising non-OPEC supply and weaker-than-anticipated demand growth by reducing output," NASDAQ quoted Citi Futures analyst Tim Evans as saying.
At 08:23 a.m. Moscow time (05:23 a.m. GMT) the price of WTI oil December futures had decreased by 3.99 percent and was trading at $74.22 per barrel, while Brent Crude December futures were trading at $77.83 per barrel, falling by 3.28 percent.
At its annual meeting in Vienna on November 27, OPEC members are expected to decide if they will continue reducing output amid worsening forecasts for consumption and a significant increase in global oil production.
OPEC is an organization established in 1960 to coordinate crude oil sales and pricing internationally. The organization controls about two-thirds of the planet's known oil deposits. OPEC handles 40 percent of the world's oil production and 50 percent of global oil exports.