Oil futures settled lower on Friday, prior to the widely anticipated OPEC meeting in Vienna, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, December West Texas Intermediate crude fell $1.02, or 2.1%, to settle at $48.70 a barrel. For the week, WTI finished down by nearly 4.2%. Futures are up about 1% for the month.
On the London ICE Futures Exchange, December Brent crude, the global benchmark, slid 76 cents, or 1.5%, to end trading at $49.71 a barrel. Brent crude was down 4% for the week.
OPEC cartel members were scheduled to meet this weekend in Austria to discuss the production proposal. The discussions will be followed by another meeting between OPEC members and non-cartel producers.
OPEC is expected to make a formal announcement on November 30 regarding the deal. If successfully ratified next month, it would be the first production cut agreement among oil producers in eight years.
Meanwhile, December natural gas fell 3.7 cents, or 1.2%, settling at $3.1050 per million British thermal units. For the week, the December contract ended 7.6% lower.