The supply glut on the market is not showing many signs of slowing, which is further helping bring down prices which have hit 7-month lows this week.
OPEC is signalling resistance to further cuts for the time being and may decide to keep production stable adding to the downward pressure on oil prices.
Jluy 24 marks the date on which OPEC leaders will come together and determine their short-term strategy. Countries spared from cuts in the last rounds of negotiations may still not have to face cuts as caps are considered.
With just under a month to go until these meetings, US production continues to grow at a steady pace, despite these low prices. As crude continues to fall, wider effects will also start to be felt in other markets.