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Oil settles below $40.00 a barrel as OPEC refuses to cut production

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Oil ended with sharp losses on Friday as the commodity weakened after the Organization of the Petroleum Exporting Countries (OPEC) agreed to raise the output ceiling despite a global glut.

    WTI crude fell from a session peak of $41.98 to a low of $39.61 a barrel before settling at $39.98, down 2.64% on the session, having erased all of its Thursday gains, triggered by a strong sell-off in the US dollar, and finishing the week around 4.0% lower.
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