Oil settles lower ahead of OPEC summit

Oil settles lower ahead of OPEC summit

Mubasher: Oil prices decreased on Wednesday, with uncertainty looming regarding the next OPEC summit.

OPEC will hold its meeting on Thursday, and a new production-cut agreement could be approved, with the backing of Saudi Arabia and Russia.

Nymex futures lost 0.7% or 36 cents and settled at the level of $52.89 per barrel

Meanwhile, Brent crude futures for February delivery lost 0.8% and reached to $61.56 a barrel.