The correction of oil in the past few weeks has been a real signal for market concerns over risk appetite and struggling growth. A bear market in West Texas Intermediate oil has been formed. However, over the weekend a meeting between OPEC and other major oil producing nations warned about oversupply and that some action could be taken to curb the potential imbalance that this would cause the market and are looking to respond. Saudi Arabia has announced it will reduce its production by around 500,000 barrels per day in December (which is around 0.5% of global production). OPEC will also now formally discuss any ... (full story)