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Oil Skids to Worst Loss in 10 Years as Market Waits on OPEC+ Cut

  • WTI loses 22% for month, deepest slide since financial crisis
  • Fears of global glut pressure crude as producers set to meet
A Shale-Oil Boomtown As Oil Bust Proves To Be Good
Photographer: Daniel Acker/Bloomberg
Updated on

Oil closed out its worst month since the global financial crisis a decade ago, as all eyes turned to this weekend’s G-20 summit for signs that Saudi Arabia and Russia can head off a worldwide supply glut.

Crude futures made up some ground Friday after an OPEC advisory committee recommended a 1.3 million cut to the cartel’s daily output. Still, prices finished down 22 percent for November, the deepest slide since October 2008. That capped a volatile month beset by worries about booming production and the impact of international trade tensions.