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Showing posts with label OPEC. Show all posts
Showing posts with label OPEC. Show all posts

Thursday, 27 November 2014

Oil prices sink as OPEC rejects output cut

Oil prices sunk to fresh four-year lows on Thursday, with New York crude plunging below $70 a barrel, after OPEC decided against cutting output despite a huge oversupply in world markets.
At about 16:10 GMT, West Texas Intermediate for January delivery struck $69.11 per barrel -- last seen on May 25, 2010. Brent North Sea crude for January hit $72.74, a level last witnessed on July 7, 2010.
Asked whether the oil OPEC had decided not to reduce production, Saudi Arabian Oil Minister Ali al-Naimi told reporters in Vienna: “That is right.”

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