Oil price falls despite Opec cut
Oil prices fell Friday afternoon despite a decision by the Organisation of Petroleum Exporting Countries (Opec) to rein in current oversupply, effectively taking 1 million barrels a day off the market.
“Traders probably feel this isn’t going to make much difference to supply,” said Tony Machacek, energy broker at Bache Financial.
Nymex crude, commonly referred to as WTI, is down around 25% from its high of $57/bbl reached in August.
However, the price is
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