Crude prices dip below $59/bbl

The November contract for benchmark US light, sweet crudes fell $2.35 to $58.68/bbl Oct. 3, the lowest front-month closing on the New York Mercantile Exchange since Feb. 16. But oil prices rallied upon reports that oil exporters informally agreed to cut production.The Oct. 5 Financial Times reported that the Organization of Petroleum Exporting Countries informally plans to cut production by at least 1 million b/d, or at least 4%.An OPEC spokesman said most member nations support a voluntary reduction, and that the change could be ratified during the cartel’s scheduled Dec. 14 meeting in Abuja, Nigeria. “OPEC is going to defend a price floor for its oil of $50-55/bbl,” FT...

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