Oil dips amid stock market slide, traders await OPEC meeting

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UPDATE 4-Oil dips amid stock market slide, traders await OPEC meeting

* OPEC meets in Vienna to discuss production levels

* OPEC, Russia to discuss potential supply cut on Friday

* OPEC, US & Russian output has soared: https://tmsnrt.rs/2E0xgTz (Adds OPEC context, updates prices)

By Henning Gloystein

SINGAPORE, Dec 6 (Reuters) - Oil prices dipped on Thursdayas stock markets slid and as traders eyed an OPEC meetingexpected to result in a supply cut aimed at draining a glut thathas pulled down crude by 30 percent since October.

International Brent crude oil futures LCOc1 were at $61.35per barrel at 0747 GMT, down 21 cents, or 0.3 percent from theirlast close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 wereat $53.17 per barrel, down 28 cents, or 0.5 percent.

The Organisation of the Petroleum Exporting Countries (OPEC)is meeting at its headquarters in Vienna, Austria, on Thursdayto decide its production policy in coordination with non-OPECproducer Russia.

Expectations are for a supply cut between OPEC and Russia tobe agreed between 1 and 1.4 million barrels per day(bpd). urn:newsml:reuters.com:*:nL8N1YB17A

Led by Saudi Arabia, OPEC's crude oil production PRODN-TOTAL has risen by 4.1 percent since mid-2018, to 33.31million bpd.

Oil output from the world's biggest producers - OPEC, Russiaand the United States - has increased by a 3.3 million bpd sincethe end of 2017, to 56.38 million bpd, meeting almost 60 percentof global consumption. PRODN-TOTALC-RU-OUTC-OUT-T-EIA

The increase alone is equivalent to the output of major OPECproducer United Arab Emirates.


Traders said oil prices were also being weighed down by weakglobal financial markets, which saw stock markets tumble onThursday. urn:newsml:reuters.com:*:nL4N1YB1N3urn:newsml:reuters.com:*:nL4N1YB1H4

Barclays bank said in its Global Outlook published onThursday that "investors need to lower their expectations" andthat "2019 should be a period of lower returns and highervolatility".

The British bank said that it expected "the global economyto slow over the next several quarters" although it added that"not one major economy is near recession."

The financial downturn has also hit oil markets hard. Sinceearly October, crude oil has lost around 30 percent of its valueamid surging supply and fears that an economic downturn willerode fuel demand.

GRAPHICL: OPEC, Russia & U.S. crude oil production   https://tmsnrt.rs/2QdhkVc
(Reporting by Henning GloysteinEditing by Kenneth Maxwell and Joseph Radford) ((henning.gloystein@thomsonreuters.com; +65 6870 3263))

This article appears in: Stocks , World Markets , Oil , Commodities

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