NYMEX oil futures settle below $40 on Monday, near 7 year low
The decrease was attributed to ample supply issues and globally weaker equities pioneered by a nosedive in China’s stock market. Moreover, China’s persistently slowing economy is causing increased concerns about weak oil demand in the face of rising supply.
Recently, Iran’s Oil Minister Bijan Zanganeh suggested that an emergency meeting of the Organization of Petroleum Exporting Countries (OPEC) may stop further declines and help stabilize prices in oil markets. However, according to some delegates, an emergency meeting is unlikely unless Saudi Arabia, the cartel’s top oil exporter, endorses the proposal.
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