US Oil Prices Drop Under $36 / Barrel, Setting A New Low For The Downcycle
US oil prices fell about 2.5% to $35.86 in trading Friday morning.
OPEC's decision on December 4 to jettison its official 30 M/bpd production ceiling reflects the group's "renewed determination to maximize low-cost OPEC supply and drive out high-cost non-OPEC production- regardless of price," the International Energy Agency said in its monthly report released this morning.
Growth in global oil demand is seen slowing next year amid the "unrelenting" oversupply of crude, with the "first signs of a slowdown" in demand being seen in 4Q15.
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