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Commodities Briefing - Categorized | Oil, Price Watch more

Here’s Why the Drop in Oil Prices Isn’t Over

Posted on 30 November 2016

Saudi Arabia, Iran, and Iraq can’t agree how to end a fight for market share. Here we go again. Like a year ago, crude oil futures are tumbling again Tuesday as hopes for a cut in output from the Organization of Petroleum Exporting Countries (OPEC) fade due to entrenched differences between its most important members.
The benchmark contract for U.S. crude was down 3.9% at $45.27 a barrel, after Reuters reported that Iran and Iraq–two countries who are ramping up production after years of politically-induced disruptions–are resisting pressure from Saudi Arabia to rein it in………………………………………..Full Article: Source


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