15.12.2011 - Oil drops more than 4 pct as commodities plunge
Oil tumbled more than 4 percent on Wednesday, the biggest drop in over two months as a commodities selloff led to breaches of key technical support. Worries that the Organization of the Petroleum Exporting Countries lacked a mechanism to quickly trim production of individual member quotas, after agreeing on a high output ceiling, added to selling pressure. Brent crude dropped below its 300-day moving average and U.S. crude fell under its 200-day moving average...............................................Full Article: Source
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