It May Be A Cold Winter For Oil Prices

When the opening bell rang at the New York Mercantile Exchange on Monday, Nov. 29, oil traders were prepared for the worst: Four days earlier, in the face of weak demand, OPEC had failed to agree on production cuts. The worst was what the traders got. At the end of a day of frantic trading, the January crude-oil contract had plunged by 7%, to $15.31, its lowest level in almost four years. In the next two days, it recovered only slightly.

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