As per the media report, Oil prices plummeted as investors became alert ahead of an OPEC (Organisation of the Petroleum Exporting Countries) meeting next week.
OPEC and other key oil producers will meet on November 30 to discuss whether to extend the current price-supporting curbs on crude output, Xinhua news agency reported. In a bid to end a global oversupply, the group has been restraining output since the start of this year
It is widely expected that the agreement will be extended to cover the next year. Meanwhile, a strong dollar dented market sentiment for the dollar-priced oil. The dollar index, which measures the greenback against six major peers, was up 0.40 per cent at 94.038 in late trading.