| A year after OPEC sent oil markets spiraling out of control, the group may have sparked another round of bearishness for crude. OPEC failed to agree to a production target on December 4 in Vienna, removing the stated target of 30 million barrels per day (mb/d). It was no secret that member nations collectively produced in excess of 30 mb/d for quite a while, but by removing the target altogether, OPEC sent a signal to oil markets.
The decision, or non-decision as the case may be, kills the notion that OPEC will act decisively to boost oil prices. In response, just as in November 2014, oil prices crashed. On Dec. 7, both WTI and Brent traded down by more than 5%. The markets had been holding out a sliver of hope that OPEC would take action in Vienna, but it wasn't to be...............................................Full Article: Source
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