Oil Tumbles Most in Six Weeks as OPEC Crude Production Climbs
- OPEC says it pumped 31.5 million barrels a day in September
- Qatar sees signs of recovery in 2016 after prices bottomed
Is the Crude and Commodities Relief Rally for Real?
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Oil dropped the most in six weeks after OPEC reported that its members pumped the most crude in three years.
The Organization of Petroleum Exporting Countries produced 31.57 million barrels a day last month, the most since 2012, according to its monthly market report. The market may be “balanced” in 2016 as demand grows and non-OPEC supply contracts, OPEC Secretary General Abdalla Salem El-Badri, said at a conference in Kuwait City on Monday.