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Why WTI Crude Oil Prices Are Dropping Today

WTI crude oil pricesWTI crude oil prices are dropping today (Tuesday), one day ahead of the highly anticipated November OPEC meeting on whether to cut production.

In today's morning trading, WTI crude oil prices were down $1.24, or 2.6%, at $45.84 a barrel. Brent crude, the global benchmark, was lower by $1.24, or 2.6%, at $47 a barrel.

Skepticism is escalating that OPEC members will not reach an agreement to reduce a global over-supply and boost prices. Crude oil prices have dropped roughly 60% since reaching more than $107 a barrel in the summer of 2014.

Indonesian Energy Minister Ignasius Jonan said he is uncertain that OPEC would seal a deal to limit oil output when it meets Wednesday in Vienna.

"I don't know. Let's see. The feeling today is mixed," Jonan told reporters when asked about the prospects of a deal.

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Adding to doubts was today's announcement from Russia that it will not be part of the OPEC meeting in Vienna. The non-OPEC producer is the world's second-largest oil producer behind Saudi Arabia.

Wednesday's OPEC meeting aims to finalize an agreement outlined in September to trim oil output by some 1 million barrels per day (bpd), from around 33.82 million bpd.

Saudi Arabia, the oil cartel's biggest producer, is key to any deal. And the outcome of the OPEC meeting will have a major impact on WTI crude oil prices…

Why WTI Crude Oil Prices Are Tanking Before OPEC Meeting

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