Crude Oil Declines After OPEC Decides Not to Impose New Ceiling
- Group chooses not to set production target at Vienna meeting
- U.S. oil rig count rose second time this year: Baker Hughes
Why Oil at $50 is 'Good News' for Credit Markets
This article is for subscribers only.
Crude dropped after OPEC decided to stick to its policy of unfettered output.
Futures fell on both sides of the Atlantic after closing on Thursday above $50 a barrel in London for the first time in seven months. While members of the Organization of Petroleum Exporting Countries rejected a proposal to adopt a new production ceiling, ministers were united in their optimistic outlook for markets. Prices extended losses after the number of rigs drilling for oil in the U.S. rose for the second time this year, according to Baker Hughes Inc.