Oil prices just fell to their lowest in four years

first_img Thursday 27 November 2014 4:21 am The fall in oil prices continues apace. The price of both West Texas Intermediate (WTI) and Brent oil fell to $72.78 and $76 per barrel respectively this morning – both four-year lows – as traders nervously awaited the outcome of a meeting of the Opec group of oil-producing countries in Vienna today. The 12-member group is meeting as the price of oil continues to slide on concerns of an over-supply in the next few months. It had been hoped the group would come to an agreement around cutting production by at least one million barrels a day, but that now looks unlikely. Although Saudi Arabian oil minister Ali al-Naimi hinted yesterday Gulf producers – Saudi, Kuwait, Qatar and the UAE – had come to an agreement, the consensus is that it probably doesn’t involve a cut in production.Earlier in the day, al-Naimi had said he expected the oil market to “stabilise itself eventually”, suggesting he has enough confidence in market forces to avoid a curb in output for now. But even if a cut is announced, will it be enough to stabilise prices in the long-term? Jameel Ahmad, chief market analyst at FXTM, thinks not.The longer term outlook for both crude and Brent oil is that the commodity will likely continue to trade in a bearish direction in the longer term. Around this time next year, the current forecast is that the Federal Reserve will have begun raising US interest rates, which will not only increase substantial demand for the US dollar but also pressure commodity prices. This is probably another reason why there is hesitation from some to cut production, because fears will resurface regarding oil prices in the future anyway. Emma Haslett More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com Share whatsappcenter_img whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailFungus EliminatorIf You Have Toenail Fungus Try This TonightFungus EliminatorUltimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementThe Chef PickElisabeth Shue, 57, Sends Fans Wild As She Flaunts Age-Defying FigureThe Chef PickNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For Seniors Oil prices just fell to their lowest in four years Tags: Oil priceslast_img