Crude Oil Dropped As Concern Over The Prospect Of An Oversupplied

Crude oil trading range for the day is 3959-4175.

Crude oil dropped as concern over the prospect of an oversupplied market next year continued to weigh on prices.

OPEC led by Saudi Arabia, is considering a cut of up to 1.4 mbpd next year to avoid the kind of build in global inventories that prompted the oil price to crash.

The EIA data showed that crude oil inventories increased by 10.27 million barrels in the week to November 9.

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Crude Palm Oil Dropped As Caution Over Rising Stockpiles Outweighed

CPO trading range for the day is 579.8-589.

Crude palm oil dropped as caution over rising stockpiles outweighed positive September export numbers.

Malaysian inventories last rose to a seven-month high of 2.49 million tonnes in August, according to official data from a Malaysian industry regulator.

Exports of Malaysian palm oil products for September rose 51.6 percent compared with August, cargo surveyor Intertek Testing Services said.

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