Brent oil drops below $69

 Brent oil drops below $69

The price of international benchmark Brent crude oil futures fell below the $69-a-barrel mark today for the first time since April 10 to $68.9, TASS reported.

Saudi Energy Minister Khalid al-Falih said on Monday the Organization of the Petroleum Exporting Countries (OPEC) agreed there was a need to cut oil supply next year by around 1 million bpd from October levels to prevent oversupply. Saudi Arabia also said it will curb exports by 500,000 barrels a day.

Russian Energy Minister Alexander Novak said he doesn’t rule out that the OPEC+ deal could be extended into 2019 in its current format.

A new deal between the OPEC and non-OPEC nations is expected to be signed at a regular meeting in Vienna on December 5-7.

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