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Hot stocks: Oil companies in the spotlight on uncertain Opec meeting outcome
SHARE prices of oil companies are in the spotlight as oil prices could plunge another 20 per cent to US$60 a barrel if Opec does not agree on a significant output cut when it meets in Vienna this week.
Brent crude futures have fallen 34 per cent since June to touch a four-year low of US$76.76 a barrel on Nov 14, and could tumble further if Opec does not agree to cut at least one million barrels per day (bpd), commodity fund managers say.
Fund managers are divided over whether Opec will reach an agreement on cutting output.
The oil price has been falling since summer due to abundant supply - partly from US shale oil - and low demand growth, particularly in Europe and Asia.