Oil prices slumped to their lowest levels since early July on Thursday, putting pressure on the Opec+ group of major oil producers to consider extending and deepening production cuts when they meet in 10 days in Vienna.
Brent crude, the international oil benchmark, fell 5.2 per cent on Thursday — one of the biggest daily declines this year — taking prices just under $77 a barrel, below the $80 level at which government budgets start to strain for Saudi Arabia and Russia. The US benchmark West Texas Intermediate fell 5.5 per cent to $72.48 a barrel.
The drop in prices builds pressure on Saudi Arabia, Russia, and other members of Opec+ ahead of their meeting on November 26, when they will consider how to respond to weakening oil prices and concerns that a potential stumble in global growth could hold back demand.