>> The world just might have too many of these things. Oil prices sinking again, Friday on fears of a glut. US benchmark prices now just above $50 a barrel. This is what November looks like. US Light's crude down by around a fifth. That's it's worst month in a decade.
Two events now in focus, this weekend's G20 summit could decide whether a US-China trade war gets even worse. Global growth likely to sag if it does, taking demand for oil down with it. Then there is next week's meeting of OPEC nations. The Vienna get together watched for signs the oil producers will trim output.
Saudi Arabia wants the group to cut production by 1 million barrels per day. Sources telling Reuters that OPEC ally Russia is also ready to make a reduction. US producers seem to be pushing the other way though. Their output is rising steadily. As long as that remains the case, there may just be too much oil to go around.
If that keeps prices low, one man at least will be happy. Donald Trump calling on Saudi Arabia and others to keep pumping. He wants low prices to help US firms and consumers.