| Brent crude fell briefly below $80 a barrel on Wednesday but seems to have made a decisive break below that threshold on Thursday, trading at around $79.8 a barrel by mid-morning. That’s despite news yesterday that the Organization of the Petroleum Exporting Countries has seemingly suggested it has begun to cut output.
OPEC said in a statement yesterday that its production fell to 30.3 million barrels a day in October, down by just over 200,000 barrels a day from the month before. Also Wednesday, Saudi Oil Minister Ali al-Naimi broke his long silence. In a speech in Mexico, Mr. Naimi didn’t say much about what OPEC might do at its forthcoming meeting on Nov. 27.......................................Full Article: Source
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