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Crude oil remains near 4-year low on OPEC move

CommoditiesNov 28, 2014 06:21AM ET
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Crude oil moves sharply lower as OPEC decision weighs

Investing.com - Crude oil futures were sharply lower on Friday, still hovering near their lowest level since September 2010 after the Organization of the Petroleum Exporting Countries decided on Thursday not to cut output.

On the New York Mercantile Exchange, U.S. crude oil for delivery in January plummeted $4.39 or 5.96% to trade at $69.32 a barrel during European early afternoon trade.

Futures were likely to find support at $67.77, Thursday's low and resistance at $73.55, Thursday's high.

Oil prices were hit after the OPEC said on Thursday that it would keep its official production target unchanged at 30 million barrels a day, disappointing hopes the oil cartel would lower output to support the market.

The 12-member group is responsible for approximately 40% of global supply. Their next meeting is scheduled for June 5, 2015.

Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery gained $0.48, or 0.67%, to hit $73.07 a barrel, with the spread between the Brent and the WTI crude contracts stranding at $3.75.

Crude oil remains near 4-year low on OPEC move
 

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