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Oil Sees Biggest Rise in Two Years as Market Continues Reaction to OPEC Production
Dec. 01, 2014 01:59PM PST
Resource InvestingThe price of West Texas Intermediate crude had its biggest rise in two years as both it and Brent Crude oil jumped after dismal monthly losses in November.
The price of West Texas Intermediate crude had its biggest rise in two years as both it and Brent Crude oil jumped after dismal monthly losses in November.
According to Bloomberg:
Futures in New York rose the most in more than two years and Brent jumped 3.4 percent in London. Both grades had their biggest monthly loss in November in almost six years after the Organization of Petroleum Exporting Countries signaled it will leave it to the market to curb a glut.
John Kilduff, a partner at Again Capital LLC, said:
The failure of last week’s OPEC meeting has had a tremendous impact. Prices have fallen a great deal, which is going to bring the value buyers out of the woodwork.