The OPEC oil cartel supplies about 40% of the world’s oil and can effectively shift oil prices through collective output targets. Ahead of the OPEC meeting Thursday, some traders had anticipated the organization to cut supply, lifting energy prices last week. However, if the cartel sits on its hands, many anticipate the fall to continue. [Oil ETF Traders Try to Time Market Bottom]
“It’s certainly possible that if there is absolutely nothing that comes out of OPEC, you are going to see the downward trend resume, probably getting to $60 at least,” Bill O’Grady, chief market strategist at Confluence Investment Management, said in the article.
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Max Chen contributed to this article.