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Oil prices drop near to seven-year low

by ChemOrbis Editorial Team -
  • 08/12/2015 (04:49)
According to media reports, oil prices fell to the lowest levels seen since mid-January 2009, according to weekly average prices on ChemOrbis Price Wizard after OPEC maintained their production targets at their meeting in Vienna on Friday. NYMEX January crude oil futures fell $2.32/barrel to settle at $37.65/barrel on Monday while ICE January Brent crude was down $2.27/barrel to settle at $40.73/barrel.

The OPEC countries refrained from cutting its output target at the group’s meeting in Vienna. The group is currently producing around 31.5 million barrels per day (bpd) and has persistently remained above its most recent production target of 30 million bpd. No new production target or policy guidance emerged from the group’s latest meeting.

However, oil prices regained some lost ground in intraday trading today due to China’s crude oil import data for November, which indicated a higher than expected increase of 8.7% to reach 6.61 million bpd in the first eleven months of the year.
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