Oil

OPEC and non-OPEC oil producers will hold a ministerial meeting Dec. 6-7.

A slowdown in oil demand growth is compounding the emerging oversupply.

OPEC and other major producers are considering coordinated output restrictions to stem a further drop in prices.

Oil production had declined by 150 thousand barrels per day.

Crude reserves increased 6.4 billion barrels. or 19.5 percent. to 39.2 billion barrels at year-end 2017.

Russia is the key non-OPEC partner in the production cut deal with OPEC.

On Tuesday. the American Petroleum Institute (API) reported an estimated inventory increase of 3.453 million barrels.

Saudi Arabia has been pushing for an OPEC cut. indicating it may reduce supply by 500.000 bpd.

The output from the troika is the fastest-growing element in global oil supplies.

Goldman Sachs believes that the price of oil and other commodities are set for a rebound next year.