Oil prices hit year low as OPEC considers output cut | Reuters

Oil prices hit year low as OPEC considers output cut | Reuters:

Oil prices fell to their lowest in a year on Friday, on course for their biggest one-month decline since late 2014, even as oil producers consider cutting production to try to stem a rising global surplus.

Oil supply, led by the United States, is growing more quickly than demand and to ward off a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start withholding output after a meeting planned for Dec. 6.

But this has done little so far to prop up the price. The value of a barrel of oil has dropped by around 20 percent so far in November, in a seven-week streak of losses.