BLOOMBERG: The United States is producing oil at fast pace, creating a bear market as demand lags.
BLOOMBERG: The United States is producing oil at fast pace, creating a bear market as demand lags.
“The market is divided over whether OPEC will decide to make a cut or not at next week’s meeting,”John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by phone. “I’m unsure they are ready, willing and able to do something, despite the meetings with Russia and each other.”
WTI for December delivery fell 86 cents, or 1.1 percent, to $74.78 a barrel at 11:09 a.m. on the New York Mercantile Exchange. The more-active January future slipped 88 cents, or 1.1 percent, to $74.85. The volume of all contracts traded was 8.5 percent above the 100-day average for the time of day.
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