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

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

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.

Investors are now focused on the G-20 summit in Argentina, where leaders from the U.S., Russia and Saudi Arabia -- the world’s three biggest oil producers -- will gather in a prelude to a key OPEC meeting next week in Vienna. Russian Energy Minister Alexander Novak said earlier on Friday that he was comfortable with prices where they currently are, adding to uncertainty about what top oil exporters can agree on.