Mubasher: Oil prices declined on Wednesday, amidst a state of fluctuations resulting from an uncertainty regarding the next meeting of the Organization of the Petroleum Exporting Countries (OPEC).
Nymex futures for January delivery fell 1.2% to the level of $57.30 per barrel.
Meanwhile, Brent went down by 0.05% and is now trading at $63.56 per barrel.
Investors are anticipating the OPEC meeting on Thursday that will also include nine non-OPEC major producers led by Russia.
The summit, which will be held in Vienna, will determine the production policy for the upcoming period.
Although not so long ago extending the output cut agreement that expires in March 2018 was highly expected to be extended, concerns have emerged regarding the consensus of such a move, as Russia may reject extending the deal on worries that producers who are not obligated by the agreement may raise their production.
