CRUDE OIL SLIDE $65

Finweek English Edition - - In Brief -

By mid-No­vem­ber, Brent crude oil was trad­ing at just over $65/bar­rel, fol­low­ing a de­cline from a four-year high in Oc­to­ber when it traded at $86, re­ported ft.com. The drop in the oil price came as sup­ply from the US con­tin­ued to rise, but Opec pro­duc­ers fore­cast a de­cline in growth of oil de­mand to 1.29m bar­rels per day next year, ac­cord­ing to the re­port. Ear­lier fore­casts es­ti­mated daily de­mand of 1.45m bar­rels. “When you put all these in­gre­di­ents to­gether, you have a recipe that’s not re­ally con­ducive to an $85 mar­ket en­vi­ron­ment,” ft.com quoted Barkley’s oil an­a­lyst, Michael Co­hen, as say­ing.

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