Brent crude futures were down 27 cents at $44.48 a barrel by 2:40 p.m. ET. The contract dipped to a session low of $43.57, marking its first drop below $44 since Aug. 11, CNBC reports.
NYMEX U.S. crude futures settled down 9 cents at $43.32 a barrel, after earlier falling to $42.20, the lowest level since Aug. 11.
“In the same way that a strong OPEC agreement was needed to continue the rally above $55, a lack of agreement will be needed to break below $40 and right now, we’re at $45,” Petromatrix strategist Olivier Jakob said.
“So I think on a risk basis, we’re starting to be a bit more concerned about the upside price risk, than about the downside.”
OPEC plans to cut or freeze output, but analysts doubt the group’s ability to reach an agreement at its meeting on Nov. 30.
The cartel said on Friday its output hit a record 33.64 million barrels per day (bpd) in October, and forecast an even larger global surplus in 2017 than the International Energy Agency on Thursday.
