West
Texas Intermediate headed for the biggest weekly decline in three years
after OPEC took no action to ease a global supply glut and stem a slide
in prices that has driven oil into a bear market.
Futures
dropped as much as 8.1 percent in New York. The Organization of
Petroleum Exporting Countries maintained its collective target of 30
million barrels a day, Ali Al-Naimi, Saudi Arabias oil minister, said
yesterday after the 12-member group met in Vienna. WTI may fall as low
as $60 a barrel during the next month, according to Energy Analytics
Group.
Crude
has collapsed about 36 percent since its June peak as the U.S. pumped
at the fastest rate in more than three decades amid signs of weakening
demand. OPEC is not sending œany signals to anybody and just wants a
fair price, Secretary-General Abdalla El-Badri said at a press
conference. Brent in London slumped 6.7 percent to a four-year low
yesterday.
WTI
for January delivery lost as much as $5.94 to $67.75 in electronic
trading on the New York Mercantile Exchange and was at $68.76 at 10:13
a.m. Sydney time. Floor trading was closed yesterday because of the U.S.
Thanksgiving holiday and transactions will be booked with todays for
settlement purposes. Prices are down 10 percent this week, the most
since May 2011.
Source : Bloomberg
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