Oil has dwindled towards $55 per barrel as traders are wary of OPEC and Russia’s commitment to extend supply cuts beyond March 2018.
OPEC have yet to convince Russia that an extension of output cuts is necessary.
Meanwhile, crude oil output has hit a three-decade high, after this week’s stockpiles showed an increase for the second week in a row and output climbed for the fourth time.
Natural gas storages are due to be released later this afternoon, which will likely give a fresh bout of volatility to oil markets.
Oil reached a two-year high last week as Saudi Arabia continued to detain high profile individuals on the ground of corruption.
In what has been described as the biggest initial public offering in history, Saudi Arabia’s Aramco is being sold off to the public next year.
The world’s biggest oil producer has attempted to crack down on corruption in the final months of 2017, showing investors, the nation is committed to eradicate some of the barriers to investing in its society.
More than 200 businessmen and princes were arrested by crown prince Mohammed bin Salman, amid an economic downturn in the region.
Although, Salman has arrested some of his rivals, spurring a backlash from those who feel the purge is a sign of instability in the kingdom.
The anti-corruption campaign has supported oil prices. Declining oil prices has been the main source of the kingdom’s economic decline.
The London and New York stock exchanges are battling to host the IPO of Saudi Aramco. The UK even plans to bend the stock market listing rules to accommodate the largest float in history, which is valuated at $2 trillion.