الرئيسية
Prices fall on economic fears; Italy borrowing costs rise
* OPEC agrees new high supply target, no mechanism for
cutting
* U.S. crude stocks decline; gasoline, distillates up
(Updates prices, adds EIA inventories data)
LONDON, Dec 14 (Reuters) - Oil fell $4 on Wednesday
amid a deepening euro zone crisis, failed expectations of a new
stimulus for the U.S. economy and concerns that oil producing
group OPEC may struggle to quickly cut production after formally
agreeing a high output ceiling.
Oil together with other commodities suffered from a stronger
dollar as investors diverted money into the greenback to
avert risk while the Reuters-Jefferies commodities index
was down by over 2 percent, the lowest since early October and
the sharpest drop since mid-November.
The Organization of Petroleum Exporting Countries
(OPEC)agreed a new supply target of 30 million barrels a day,
roughly in line with current production but did not put in place
a mechanism of individual country quotas.
"It is not clear how OPEC will achieve this target and the
decision introduces some downside risk to oil prices," said Nic
Brown, head of commodity research at Natixis.
"We are potentially moving from a period when OPEC was
under-producing to a period when they will have to show a degree
of restraint."
Brent crude was down $3.23 a barrel to $106.27 by
1552 GMT and U.S. crude fell by $4 to $96.13.
"The bigger picture is that the latest demand forecasts from
both OPEC and the IEA (International Energy Agency) still look
too high and that oil prices have further to fall," Julian
Jessop, chief economist at London-based Capital Economics, said
in a note.
* OPEC agrees new high supply target, no mechanism for
cutting
* U.S. crude stocks decline; gasoline, distillates up
(Updates prices, adds EIA inventories data)
LONDON, Dec 14 (Reuters) - Oil fell $4 on Wednesday
amid a deepening euro zone crisis, failed expectations of a new
stimulus for the U.S. economy and concerns that oil producing
group OPEC may struggle to quickly cut production after formally
agreeing a high output ceiling.
Oil together with other commodities suffered from a stronger
dollar as investors diverted money into the greenback to
avert risk while the Reuters-Jefferies commodities index
was down by over 2 percent, the lowest since early October and
the sharpest drop since mid-November.
The Organization of Petroleum Exporting Countries
(OPEC)agreed a new supply target of 30 million barrels a day,
roughly in line with current production but did not put in place
a mechanism of individual country quotas.
"It is not clear how OPEC will achieve this target and the
decision introduces some downside risk to oil prices," said Nic
Brown, head of commodity research at Natixis.
"We are potentially moving from a period when OPEC was
under-producing to a period when they will have to show a degree
of restraint."
Brent crude was down $3.23 a barrel to $106.27 by
1552 GMT and U.S. crude fell by $4 to $96.13.
"The bigger picture is that the latest demand forecasts from
both OPEC and the IEA (International Energy Agency) still look
too high and that oil prices have further to fall," Julian
Jessop, chief economist at London-based Capital Economics, said
in a note.