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Crude Declines: Shell dropped 5.3 percent to 1,646 pence

Bloomberg

 

 

Shell dropped 5.3 percent to 1,646 pence. BP, Europe’s second-largest oil company, slid 5.8 percent to 496 pence. Eni SpA, Italy’s biggest, lost 7.2 percent to 16.46 euros.

Crude oil for January delivery fell as much as 8.5 percent to $49.52 a barrel in New York after the Organization of Petroleum Exporting Countries deferred a decision to reduce output for another two weeks.

Slowing global growth means demand will be “much lower” than expected a month ago, OPEC said after the group’s Nov. 29 meeting in Cairo. Another cut on Dec. 17 may not be needed if member states enacted 80 percent of the 1.5 million barrel-a-day reduction agreed in October, Al Hayat reported, citing Saudi Arabia’s Oil Minister Ali al-Naimi.

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