Oil slumped on Friday

International benchmarks for oil prices plunged on Friday (28 October) as market doubt OPEC’s ability to execute its draft agreement to cut production output. The cartel would make formal announcement on 30 November on the deal. At the moment, several major members have requested to be exempted from the agreement and this might jeopardize the deal.

WTI closed at $48.70/barrel (-$1.02) for December delivery

Brent closed at $49.71/barrel (-$0.76) for December delivery