Oil prices poised for worst month in 10 years on spectre of supply glut
After reaching a four-year high in early October, crude prices have collapsed more than 30 percent, marking the worst crash since 2015
London: Oil’s was on track for its worst month in a decade on growing fears over a global supply glut that’s been exacerbated by American waivers to Iranian crude buyers. Futures in New York are set to drop about 21 percent in November, falling for a second month. While Russia showed a willingness to join Saudi Arabia in curbing output, the outcome of an OPEC meeting in Vienna next week is still unclear as the group is under pressure from President Donald Trump to lower prices. Meanwhile, the specter of expanding U.S. crude stockpiles has also been haunting the market.