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- Oil: prices after OPEC meeting under further pressure
Oil: prices after OPEC meeting under further pressure
Oil prices were under further pressure after the decision of the OPEC to leave output on the current official production target at 30 million barrels a day challenging U.S. shale drillers and other higher-cost producers. Oil prices continued to tumble to their lowest since 2009. In today's trading session Brent Crude lost and is trading -1.21% at USD69.30 a barrel, losing 41% from its peak in June and WTI Crude lost -1.33% currently quoted at USD65.27. China, the world's biggest consumer of energy, profits from low oil prices and is boosting its stockpiles. Crude collapsed into an accelerating bear market last month amid the highest U.S. output in three decades and signs of slowing global demand and economic growth.
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