Oil price dives to $60 range after OPEC cuts demand forecast
11.12.2014,
10:28
Oil prices resumed their rout, diving five per cent by midday to just above $60 US per barrel after OPEC cut its forecast for world demand for oil, CBC News reported. They recovered slightly at day's end.
YEREVAN, December 11. /ARKA/. Oil prices resumed their rout, diving five per cent by midday to just above $60 US per barrel after OPEC cut its forecast for world demand for oil, CBC News reported. They recovered slightly at day's end.
On Tuesday, oil prices had stabilized and moved slightly higher after a two-week spiral downward caused by OPEC’s decision not to pull back on production. At a meeting in Vienna Nov. 27, OPEC said it would keep production targets at 30 million barrels a day.
But on Wednesday, OPEC estimated that world demand for OPEC oil in 2015 would be the lowest in 12 years at 28.9 million barrels a day. That’s less than the 30 million barrels a day that the oil cartel’s 12 members pumped last month.
WTI crude traded in New York was down $2.46 to $61.36 a barrel at 4 p.m. after trading as low as $60.21 earlier in the day. Meanwhile, Brent, the crude contract traded in most of the world, fell $2.20 to $64.64 a barrel. –0--
On Tuesday, oil prices had stabilized and moved slightly higher after a two-week spiral downward caused by OPEC’s decision not to pull back on production. At a meeting in Vienna Nov. 27, OPEC said it would keep production targets at 30 million barrels a day.
But on Wednesday, OPEC estimated that world demand for OPEC oil in 2015 would be the lowest in 12 years at 28.9 million barrels a day. That’s less than the 30 million barrels a day that the oil cartel’s 12 members pumped last month.
WTI crude traded in New York was down $2.46 to $61.36 a barrel at 4 p.m. after trading as low as $60.21 earlier in the day. Meanwhile, Brent, the crude contract traded in most of the world, fell $2.20 to $64.64 a barrel. –0--
