Oil trades near 4-year lows ahead of OPEC meeting
ecPulse
2014-11-26 09:45AM UTC
Oil prices dropped on Wednesday to its lowest level in four years, amid growing speculation the Organization of the Petroleum Exporting Countries (OPEC) will not cut output when it meets on Thursday. Oil prices fell sharply after a meeting between officials from OPEC that ended without an agreement to curb production ceiling. The continued weak demand and rising supply could push oil prices to decline further. Furthermore, the production capacity of OPEC reached 30.97 million barrels per day in October. Brent oil for January delivery shed 0.22%, to trade around $73.90 a barrel at 7:44 GMT.
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