Oil prices resume downward trajectory
Dec 23, 2014
World oil prices have resumed their downward trajectory following comments from key Middle Eastern oil producers that they have no plans to cut output.
NEW YORK - World oil prices resumed their downward trajectory following comments from key Middle Eastern oil producers that they have no plans to cut output.
US benchmark West Texas Intermediate for delivery in February dropped $1.87 to $55.26 a barrel on the New York Mercantile Exchange.
European benchmark Brent oil for February delivery fell $1.27 to $60.11 a barrel in London.
Monday's trade marked a return to the dominant downward trend in the oil market following a brief rally Friday.
Appearing at an energy conference in Abu Dhabi Sunday, leading Middle Eastern producers held firm against any moves to cut production to boost crude prices.
"If they (non-OPEC countries) want to cut production they are welcome. We are not going to cut, certainly Saudi Arabia is not going to cut," Saudi Oil Minister Ali al-Naimi told reporters.
AFP