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Commodities Briefing - Categorized | Market Moves, Oil, Price Watch more

Oil heads for weekly decline before Europe accord, OPEC meeting

Posted on 09 December 2011

Oil headed for the biggest weekly decline since September in New York as investors speculated that fuel demand will falter amid signs Europe is struggling to tame its sovereign debt crisis.
Futures were little changed after dropping the most in three weeks yesterday as European Central Bank President Mario Draghi signaled the ECB won’t increase government bond purchases to end the crisis. Saudi Arabia, the world’s biggest crude exporter, is in no rush to agree to a new OPEC quota at the group’s Dec. 14 meeting, Oil Minister Ali al-Naimi said………………………………………..Full Article: Source


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