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Monday, 31 October 2016

Oil slips further amid production cut jitters

Oil slips further amid production cut jitters:

"Oil prices slipped further on Monday after a meeting by members of Opec failed to convince investors that the group can agree on a production cut at its November meeting.

Brent crude fell 3.2 per cent to a fresh one-month low of $48.1 a barrel, while the West Texas Intermediate similarly dropped 3.3 per cent to $47.1 per barrel. Prices have fallen in five of the last six sessions.

Technical representatives of Opec and non-Opec members met in Vienna on Saturday but failed to reach any specific terms, and merely agreed to meet again before Opec’s official meeting on November 30."

'via Blog this'