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Oil: Prices decline after weak China and Eurozone PMI data
Oil prices declined in today's session after data on China's and Eurozone's PMI fuelled concerns about global economic growth with Brent Crude trading -0.32% at USD77.85 a barrel and West Texas Intermediate Crude losing -0.31% currently quoted at USD74.35. Markets are awaiting the release of U.S. data on initial jobless claims, consumer price indices, existing home sales and the Philadelphia Fed Manufacturing Survey later in today's session.
Increasingly weak oil prices which have fallen by almost a third in five months add further pressure on the leading OPEC members Saudi Arabia and Kuwait that still seem resisting calls from other members to cut output. The OPEC with its 12 member countries responsible for 40% of world's oil production is scheduled to meet in Vienna on November 27 to discuss 2015 production target and whether to adjust the current volume of production at 30 million. B / d at the beginning of 2015.
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