New York–The Oil price tumbled next week on OPEC's expectation that OPEC will not be acting aggressively to lift oil prices.

Both the United States and EU oil benchmarks fell ahead of the Vienna Petroleum Exporting Countries Organization meeting on December 5, where analysts anticipate that the cartel will adhere to an existing production agreement but will no longer intensify cuts.

In the statement by Andy Lipow of Lipow Oil Associates, the market may be disappointed that OPEC does not make further cutback in production and add that, given the low demand and the higher output in the US and other regions, the group is in a difficult position.

After a disappointing day, the equity markets finished lower. In a session with small trading volumes, the US bursaries pulled back from peaks.

Analysts said that stocks were dragged down because of increased trade friction between China and the US as Beijing menaced unspecified retaliation following the signing of the Hong Kong law by President Donald Trump.

The market is "a little anxiety" about trade relations between the US and China, though the modest drop suggests little fear that the preliminary U.S.-China trade deal will crumble, said Patrick O'Hare, the analyst for Briefing.

The uproar came as the "Black Friday" sales after Thanksgiving started earnestly with the holiday shopping season. Walmart grew a little but most of the US retailers, Target and Amazon included, fell as consumers shifted their dollars from traditional stores to the e-commerce industry.

Otherwise, London was underperforming its eurozone peers in response to a stronger pound, boosted by expectations that the ruling Conservatives in Britain would win the general election next month. This would likely allow the Brexit agreement of Prime Minister Boris Johnson to go forward and avoid a no-deal separation from the European Union.

Daimler's shares fell by 1.5% on the corporate front. On the Frankfurt stock exchange, a German luxury car manufacturing company said the transition to electric cars will reduce at least 10,000 jobs in the world at a major cost-cutting drive.

UK share Ocado grew after the company announced a deal to provide Japanese retail giant Aeon with artificial intelligence (AI) capabilities.