While you were sleeping: OPEC sinks oil

Mon, 07 Dec 2015

By Margreet Dietz Dec. 8 (BusinessDesk) - Wall Street dropped with the price of oil as OPEC’s decision to keep its output at current elevated levels fuelled concern about the increasing global glut. “We’re plunging with the dawn of an OPEC without quotas,” John Kilduff, a partner at Again Capital, a New York-based hedge fund, told Bloomberg. “The Saudis doubled down on their strategy of driving out higher-cost producers. They are prepared to play a long game to return to dominance.” In 12.18pm trading in New York, the Dow Jones Industr...

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