Oli extends plunge as Venezuela says price may hit mid-$20
November 23, 2015 2:08 am
Oil extended its slump as Venezuela projected prices may slide as low as mid-$20 a barrel unless the Organization of Petroleum Exporting Countries takes necessary steps to stabilize the market.
January futures lost as much as 1.1% in New York as front-month prices slipped 0.9% last week. Brent for January settlement closed at $44.56 a barrel, down 10 cents. West Texas Intermediate for January delivery ended at $41.43 a barrel, down 47 cents.
Oil has plummeted around 45% the previous year despite speculation a worldwide glut will prevail as OPEC continues to produce above the set quota.
The organization will meet in Vienna on December 4 to talk over the production cap as Iran implies bolstering output by 1 million barrels a day within five to six months of economic sanctions being lifted.
The material has been provided by InstaForex Company – www.instaforex.com
Oil extended its slump as Venezuela projected prices may slide as low as mid-$20 a barrel unless the Organization of Petroleum Exporting Countries takes necessary steps to stabilize the market.
January futures lost as much as 1.1% in New York as front-month prices slipped 0.9% last week. Brent for January settlement closed at $44.56 a barrel, down 10 cents. West Texas Intermediate for January delivery ended at $41.43 a barrel, down 47 cents.
Oil has plummeted around 45% the previous year despite speculation a worldwide glut will prevail as OPEC continues to produce above the set quota.
The organization will meet in Vienna on December 4 to talk over the production cap as Iran implies bolstering output by 1 million barrels a day within five to six months of economic sanctions being lifted.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: