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Vienna

Oil & Gas

Oil trades near six-year low as OPEC strategy weighs on market

Oil traded near the lowest close in more than six years as speculation OPEC will keep markets oversupplied countered a drop in US crude stockpiles. Futures slipped 0.5 percent in New York after closing 9.5 percent lower in the four days since OPEC’s Dec. 4 decision to effectively abandon its output target. The exporters’ group raised production in November to a three-year high, according to its monthly report. US stockpiles along the Gulf Coast fell the most since December 2012, according to government data Wednesday. Refiners typically drain tanks to reduce their tax burden, which is determined by year-end levels.

Opinion

Opinion: The bottom of the barrel?

On Friday, OPEC concluded its 168th Meeting of the Oil Production and Exporting Countries Conference, with members agreeing to effectively abandon the 30 million barrel per day (mmbbl/d) production limit which has been in place since 2011. Brent crude, the international standard benchmark, fell some 3.23% on Monday to the lowest front month futures price since late 2008.