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Oil below US$59 as producers keep pumping
Opec members which backed output cut in Nov meeting are showing a change of heart
Published Wed, Dec 17, 2014 · 09:50 PM
London
BRENT crude oil fell below US$59 a barrel on Wednesday, near 5 1/2-year lows, as major oil producers signalled that they would maintain output despite a supply glut and faltering demand in Russia and Europe.
Core Gulf Opec (Organization of the Petroleum Exporting Countries) members have said that they are prepared to wait as long as a year for the market to stabilise, undercutting hopes they will step in to stem crude price losses.
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