Commodities Corner: OPEC faces high-stakes decision as oil wavers around 5-month low

Oil’s plunge this week to levels not seen since November raises the stakes for the Organization of the Petroleum Exporting Countries when the cartel meets later this month to decide whether to extend an agreement to curb output.

June West Texas Intermediate crude CLM7, -0.55% on Thursday settled at $45.52 a barrel on the New York Mercantile Exchange, while July Brent LCON7, -0.31% finished at $48.38 a barrel on the ICE Futures exchange in London. Both benchmark crude contracts lost 4.8% for the session and marked their lowest settlements since Nov. 29, according to FactSet data.

On Friday, prices continued lower, before staging a rebound in European trade.

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