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Friday, 5 May 2017

Oil's Plunge Accelerates Below $45 as U.S. Shale Confounds OPEC - Bloomberg

Oil's Plunge Accelerates Below $45 as U.S. Shale Confounds OPEC - Bloomberg:

"Oil slid below $45 a barrel for the first time since OPEC agreed to cut output in November as U.S. shale confounds the producer group’s attempts to prop up prices.

In less than 10 minutes on Friday, futures slumped more than $1 amid a surge in volume. They have collapsed 10.5 percent this week, sliding to the lowest since Nov. 15 -- two weeks before the Organization of Petroleum Exporting Countries signed a six-month deal to curb production aimed at easing a global glut. The decline is being driven by expanding U.S. output before OPEC is set to decide whether to prolong its cuts."



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