15.12.2015 - Plunging oil, ore set to underline new market era
US Federal Reserve chairperson Janet Yellen is not the only one making history this month. The Organization of Petroleum Exporting Countries ( OPEC) had its own epoch-making event last week when it decided not to curb oil output to staunch bleeding finances in the face of calamitious collapse in crude oil prices. In the meeting, Saudi Arabia insisted that there be no cuts as long as non-OPEC members like Russia enjoy the freedom to ramp oil production. Iraq and Iran want to increase production but in the face of Saudi intransigence and reluctance to cut, there can only be one outcome. Higher ouptut and lower prices. With markets and investors focused on Yellen's dilemma, crude oil's crumbling fortunes is not getting the attention it deserves. ..............................................Full Article: Source
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