US West Texas Intermediate (WTI) crude futures settled 14 cents or 0.37 percent lower at USD 37.51 a barrel. Globally traded Brent futures were down 44 cents at USD 40.28 a barrel, hovering near the lowest level since February, 2009. Evan Lucas, market strategist at spreadbetter IG, said in a note, "OPEC would not cut or even cap production; this has come to fruition as expected.
The fallout from the Vienna convention is the group has signaled that it's each to their own." "If we are honest, it's not in OPEC's interest to balance the oil market on the supply side. This will fall to the likes of Canada, Norway, Russia and the US," he added.
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