WTI Oil Falls From 4-Year Low as OPEC Sends Mixed Signals
This article is for subscribers only.
West Texas Intermediate fell from the lowest price in more than four years as Saudi Arabia’s oil minister said the price will stabilize by itself, while the United Arab Emirates said OPEC will do what it takes to balance the market. Brent declined in London.
Futures dropped 0.9 percent in New York after declining 2.2 percent yesterday. Saudi Arabia’s oil minister Ali Al-Naimi said tumbling crude prices will stabilize. The world’s largest oil exporter yesterday failed to agree with Russia, Venezuela and Mexico to curb output. U.A.E. Energy Minister Suhail Al-Mazrouei said he is confident OPEC will take the right decision to stabilize the market.