Investing.com - Oil prices are on pace to record a monthly decline of 10% in November amid persistent concerns about a global supply glut. U.S. oil is down 10% so far this month, while London-traded Brent futures lost 9%. The oil market has been volatile in recent months amid uncertainty about how quickly the global glut of crude is set to shrink. The Organization of Petroleum Exporting Countries will meet on Friday to review their output strategy. Most market analysts expect the oil cartel to keep their production quota unchanged despite falling prices. Global crude production is outpacing demand following a boom in U.S. shale oil and after a decision by OPEC last year not to cut production in order to defend market share.