Oil Drops to Five-Week Low Amid Signs of Expanding Global Glut
- December North Sea oil flow set to rise to four-year high
- U.S. crude supplies rise record 14.4 million barrels: EIA
Is OPEC's Credibility Crumbling?
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Oil dropped to the lowest since September as a global supply glut appears to be expanding.
West Texas Intermediate fell 1.5 percent for a fifth day of losses. North Sea producers in December will ship the most oil in more than four years, data compiled by Bloomberg show. Prices tumbled yesterday after the U.S. Energy Information Administration said stockpiles rose by a record 14.4 million barrels last week. OPEC members who are claiming exemption from an agreement to limit supplies helped boost the group’s output to an all-time high last month.