10 December 2014
Opec leaves policy unchanged as oil price rout continues
Oil prices are now at their lowest level since the financial crisis
Crude prices saw another month of sharp declines. Opec’s decision to leave its production unchanged at its November accelerated the rout in crude oil prices, sending them to their lowest levels since the financial crisis. Brent was trading at $66 per barrel (/b) on 10 December, while WTI was trading at $62.96/b. The reasons for the decline are well established: oversupply led by higher US production and Opec’s inability to rein in its own output, weak demand, especially from China, and a strong dollar. The steep and extended price decline has forced analysts to sharply revise their expectations, with most now expecting much lower prices for 2015 and 2016 than previously forecast. Morgan S
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