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Commodities Briefing - Categorized | Market Moves, Oil more

OPEC risks bear market as Libyan output recovers: Energy Markets

Posted on 06 October 2011

The decline in OPEC’s oil below $100 a barrel for the first time since February is raising the likelihood the group will cut production, as Libya revives output and the global economic recovery falters.
The Organization of Petroleum Exporting Countries’ basket of crudes fell to $98.59 yesterday, down 18 percent from its highest level this year and within 2 percentage points of the 20 percent drop that’s deemed a bear market. Brent oil tumbled 21 percent from its April high and New York crude 34 percent……………………………………….Full Article: Source


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