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- Oil: prices after OPEC meeting under pressure
Oil: prices after OPEC meeting under pressure
Oil prices were under pressure after the decision of the OPEC to leave output on current levels challenging U.S. shale drillers and other higher-cost producers. Overnight, oil prices declined to their lowest in more than four years with Brent dropping the most since 2011. In today's trading session with Brent Crude recovered slightly and is trading +0.59% at USD73.01 a barrel and WTI Crude slumped -6.09% currently quoted at USD69.20. Crude collapsed into a bear market last month amid the highest U.S. output in three decades and signs of slowing global demand growth. A total of 58 percent of respondents in a Bloomberg Intelligence survey this week had forecast no change to the target.
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