Could Oil Prices Expect Uncertainty?
*The Wall Street Journal, by Stephanie Yang and Sarah McFarlane, November 21, 2017
”Oil prices pulled back Monday as doubts arose over whether a meeting of global crude producers next week would result in an extension of output cuts.
Light, sweet crude for December delivery settled down 46 cents, or 0.8%, at $56.09 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, declined 50 cents, or 0.8%, to 62.22 a barrel.
The organization of the Petroleum Exporting Countries and other producers including Russia are scheduled to meet Nov. 30 and review whether to extend the production cuts due to expire in March 2018. The production pact aims to reduce bulging global inventories to their five-year average.
Analysts warn that since oil has already priced in an extended reduction of OPEC output, any disappointing news could lead to a sharp drop for prices.”
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