Crude oil is sliding

Crude oil is sliding.

On Thursday morning, West Texas Intermediate crude oil fell 2% to a one-week low of around $US58.39 per barrel.

Brent crude, the international benchmark, also dipped 2% to about $US62.48 per barrel.

On Friday, 12-member oil cartel OPEC will hold its meeting. It is widely expected to keep production levels unchanged to maintain its market share.

On Wednesday, the Energy Information Administration said US crude oil inventories fell by 1.9 million barrels last week.

Here’s a chart showing the slide in oil prices on Thursday:

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