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Wednesday, 12 November 2014

OPEC feeling pain as oil slides to new 4-year low


  1. NEW YORK: Crude oil prices fell on Wednesday (Nov 12) as traders calculated that OPEC would not reduce production to counter a global oil supply glut at this month's meeting.

    US benchmark West Texas Intermediate for December delivery closed at US$77.18 a barrel, a three-year low, after shedding 76 cents from Tuesday's closing level. Brent crude for delivery in December dived US$1.29 to settle barely above the psychological level of US$80, at US$80.38 a barrel in London.

    "For the last three months we go from multiyear lows to multiyear lows. Things will get difficult until we get to the OPEC meeting" on Nov 27, said Gene McGillian of Tradition Energy. "We don't really have a clear indication that they want to do anything about the excess supply that is overhanging the market."

    The 12-nation Organisation of the Petroleum Exporting Countries, in its monthly oil market report on Wednesday, said that its crude price basket fell 11.3 per cent from September to an average US$85.06 barrel in October, a four-year low, "on concerns about the pace of global economic growth."


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