Oil price still falling ahead of next week's OPEC meeting

November 17:

The journey south for crude prices continued into the new week - ahead of the OPEC meeting on November 27.

OPEC is the cartel that controls a large chunk of the globe's production and as was the case at the tail end of last week, speculation is mounting over whether it will restrict supplies in a bid to prop up prices.

So far there has appeared little appetite to make this move.

The price of Brent crude, for January delivery next year, is still below the US$80 a barrel mark - at US$78.51 - down 0.92%.

The latest price fall on the commodity comes as Japan, a big importer, announced a surprise slip into recession, with its economy shrinking for the second quarter in a row.

Meanwhile, Saudi Arabia repeated its view that the oil price should be left to supply and demand.

Friday saw the consultancy - The International Energy Agency (IEA) -  saying that the slump in prices was not done and dusted yet.

It says weak demand will continue and there will also be pressure on prices from the US shale gas boom. It reckons prices will continue to fall well into 2015.

Source: www.proactiveinvestors.com.au/companies/news/59003/oil-price-still-falling-ahead-of-next-weeks-opec-meeting-59003.html?