By: Taarek Refaat
WASHINGTON, Nov. 30 (SEE)- Oil prices struggled to maintain gains submitting its weakest monthly performance in 10 years amid explosive growth of oil reserves.
Despite expectations that OPEC will cut production next week, Brent crude and US light crude hit their weakest monthly performance in 10 years, losing more than 20 percent as global supplies exceed demand.
Brent crude fell 1.4 percent reaching $ 58.68 a barrel, While US crude witnessed a 1.01 percent drop to settle at $ 50.93 a barrel.
Prices plunged after hitting gains earlier in today's session when Brent soared to $ 59.93 a barrel and US crude to $ 51.79.
The global benchmark is overseeing its eighth consecutive losses amid global trend towards electric vehicles and renewable energy.
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