Oil near 4-year lows as OPEC uncertainty
ecPulse
2014-11-19 10:41AM UTC
Oil prices continued dropping near its lowest level in four years on Wednesday, ahead of the Organization of the Petroleum Exporting Countries (OPEC) decision. Oil was negatively impacted amid escalating market expectations that OPEC’s awaited meeting on the 27 th of this month will not cut its production ceiling, which accelerated oil’s journey to the downside. The situation remains uncertain for oil till the OPEC meeting, as oil prices could decline further in light of the continued weak global demand and rising oil supply in global markets. US crude oil retreated 0.73% trading around 74.10 a barrel at 8:38 GMT.
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