SEOUL: Oil’s on track for its worst month in a decade on growing fears over a global supply glut that’s been exacerbated by American waivers to Iranian crude buyers.
Futures in New York are set to drop about 21% in November, falling for a second month. While Russia showed a willingness to join Saudi Arabia in curbing output, the outcome of an Organisation of the Petroleum Exporting Countries (Opec) meeting in Vienna next week is still unclear as the group is under pressure from President Donald Trump to lower prices.
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