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UPDATE 5-Oil prices slip amid broad market sell-off that outweighs expected OPEC cuts
* Stock markets fall amid gloomy trade outlook
* Cautious investors have pulled large investments out of oil
* OPEC, allies to meet on Dec. 6 to discuss supply cuts
* IEA warns of “negative implications” of supply cuts (Adds broker comment, updates prices)By Henning Gloystein
SINGAPORE, Nov 20 (Reuters) – Oil fell on Tuesday, folding under the weight of a broad stock market sell-off that undercut support to prices earlier in the day from expectations that OPEC will introduce new output curbs.Brent crude oil futures , the international benchmark for oil prices, were at $66.37 a barrel at 0752 GMT, down 42 cents, or 0.6 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $56.94 per barrel, 26 cents, or 0.5 percent, below their last settlement.
Oil prices are around a quarter below their recent peaks in early October, weighed down by surging supply, especially from the United States, as well as a slowdown in global trade. same old adage applies…Too much supply, not enough demand,” said Matt Stanley, a fuel broker at StarFuels in Dubai.U.S. crude oil production C-OUT-T-EIA has soared by almost 25 percent this year, to a record 11.7 million barrels per day (bpd).
That comes amid widespread market expectations of an economic slowdown, which saw Asian stock markets tumble again on Tuesday, adding to sharp losses on Wall Street the previous day. the uncertainty, financial traders have become wary of oil markets, seeing further price downside risks from the growth in U.S. shale production as well as the deteriorating economic outlook. managers have sold the equivalent of 553 million barrels of crude and fuels in the last seven weeks, the largest reduction over a comparable period since at least 2013.