Oil holds steady below $60, OPEC resist output cuts
ecPulse
2014-12-15 12:13PM UTC
Crude oil is still stable below $60 a barrel on Monday amid strong resistance from the Organization of the Petroleum Exporting Countries (OPEC) to cut output, despite the continuing deterioration of prices to their lowest level in five years. The International Energy Agency (IEA) cut its forecasts for global demand on oil again, along with Saudi Arabia (the largest exporter of crude) announcing that it won’t cut production. Saudi Arabia’s announcement coincides with statements from the UAE oil minister Suhail Al Mazroui, who confirmed that OPEC will refrain from cutting output even if prices dipped to $40 a barrel. Crude oil futures for delivery in January recorded its lowest level since May 2009 on Monday at 56.25 a barrel. Prices traded at 08:23 GMT at 58.65 a barrel.
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