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NYMEX crude dips in early Asia as market digests OPEC's stance

Published 11/27/2014, 06:08 PM
Updated 11/27/2014, 06:09 PM
NYMEX crude weaker in Asia

Investing.com - Crude oil prices fell in early Asia on Friday as the market digested a decision by OPEC to largely leave current production intact that sent the commodity to a multi-year low overnight.

On the New York Mercantile Exchange, crude oil for delivery in January traded at $68.97 a barrel, down 0.14%.

Overnight, oil prices tumbled to their lowest level in more than four years on Thursday after the Organization of the Petroleum Exporting Countries left output quotas unchanged.

Members of the oil producing group met in Vienna on Thursday and agreed to maintain their existing production limit of 30 million barrels a day, although some OPEC members often exceed their production quotas.

The 12 member countries on Thursday said they would comply with the limit, which might lead to a decline in production of about 300,000 barrels a day, according to OPEC's own data.

In response, light, sweet oil for January delivery fell 6.3% to $69.05 a barrel as electronic trading on the New York Mercantile Exchange halted for the day. This was the lowest level since May 2010.

The NYMEX floor was closed Thursday in observance of Thanksgiving and will reopen on Friday, while electronic trading was halted at 1 p.m. EST and will resume at 6 p.m. EST. Brent, the global benchmark, fell 6.3% to $72.82 a barrel on the ICE Futures Europe exchange.

Latest comments

CRUDE MAY SETTLE IT SELF @65 ON NYMEX.
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