Friday, December 4, 2015

Oil Turns Lower as Investors Watch OPEC Meeting

Crude oil prices collapsed after a report crossed that the 12-member oil cartel OPEC is not cutting its production levels.
According to Reuters, the group decided not to cut its production levels. Bloomberg reported, citing an OPEC delegate, that the group increased its production ceiling to 31.5 million barrels from 30 million barrels per day, excluding production from Indonesia. 
In New York, West Texas Intermediate crude futures fell by as much as 2% and below $40 per barrel, to as low as $39.66.

There had been reports earlier this week about division among OPEC members about whether or not to cut output, amid a growing supply glut that is keeping oil prices lower.Nymex Crude Slides On Reports Of Higher OPEC Production Ceiling
Developing story:
Nymex Crude Slides as OPEC Meeting Concludes
Brent Crude Trading Down 1.3% at $43.25/Barrel After OPEC Meeting
Nymex Crude Falls Below $40/Barrel, Down 2.7% at $39.98/Barrel

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