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Oil Prices opened Monday near multi-year lows but uncertainty on its future remains as OPEC gears up to host a meeting to discuss global oil supplies.
Oil Prices opened Monday near multi-year lows but uncertainty on its future remains as OPEC gears up to host a meeting to discuss global oil supplies.
According to the Wall Street Journal:
Market watchers are focused on the Organization of the Petroleum Exporting Countries’ meeting Nov. 27. Traders are becoming more convinced that the cartel will not rein in production despite falling prices.
Dominick Chirichella, an analyst at the Energy Management Institute, wrote in a note:
The market view currently does not expect OPEC to cut production. The market sentiment remains of the view that supply is outstripping demand and will continue to do so into the foreseeable future.