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Crude oil prices plunge following OPEC’s decision

by ChemOrbis Editorial Team - content@chemorbis.com
  • 28/11/2014 (11:01)
Crude oil prices slumped by around $6/barrel to hit multi-year lows on November 27 following OPEC’s decision to maintain its oil production target at 30 million barrels/day. The group decided to keep their production rates unchanged even though crude oil prices have plunged around $40/barrel since their previous meeting in June.

NYMEX January crude futures declined as much as $5.94 to $67.75/barrel during intraday trading on November 27. There was no settlement due to the US Thanksgiving holiday. Prices retreated 15% in November.

Brent crude on the ICE Futures Europe exchange for January also extended its drop by declining $5.17/barrel to settle at $72.58/barrel on Thursday, the lowest close since August 2010.

Meanwhile, spot naphtha prices in Europe have declined around $45/ton week over week to be currently quoted at $585/ton CIF ARA. In Asia, spot naphtha prices also lost $20/ton on the week to reach $645-650/ton CFR Japan.
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