| The Organization of the Petroleum Exporting Countries on Monday said there is “no quick fix” for the low oil-price environment and voiced concern about its impact on the petroleum industry. In commentary released Monday, OPEC said continuing pressure on prices “remains a cause of concern for OPEC and its members,” as well as for “all stakeholders in the industry.”
West Texas Intermediate and Brent crude futures have dropped by roughly half from the year ago level. On Monday, however, October crude was up nearly 6% at $47.86 a barrel on the New York Mercantile Exchange, while Brent crude on the ICE Futures exchange added 5.7% to $52.90 a barrel...............................................Full Article: Source
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