Oil Drops, Market Still Burdened By OPEC decision

West Texas Intermediate oil weakened, reducing the largest rally since August 2012, as investors consider the OPEC decision does not limit the abundance of global oil supply.

Futures contract slipped by 0.3% in New York, slipped for the fifth time in six days. OPEC likely to hold an emergency meeting at the beginning of next year, said Venezuelan Foreign Minister Rafael Ramirez said in an interview with the newspaper Panorama. The group did not cut production at a meeting last week in which it bodes well for US producers, according to Harold Hamm miliyarder.

Oil has anjllok into bear market in US production fastest pace in more than three decades and signs of slowing global demand growth. OPEC, which is responsible for about 40% of global oil supply, rejected calls from members including Venezuela and Iran to reduce the collective production target of 30 million barrels per day at a meeting in Vienna on November 27.

"The risk of a decline in prices because the US still pumping at an incredible amount," said David Lennox, resource analyst at Fat Prophets nature in Sydney. "The market will monitor the OPEC monthly report to see what they would do with production."

WTI oil in January fell by 60 cents to $ 68.40 a barrel in electronic trading on the New York Mercantile Exchange at 9:35 pm. The contract yesterday rose by 4.3% to $ 69, fell as much as 3.7%. Oil prices have plummeted by 30%.

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