Oil Tumbles to 4-Year Low Before OPEC, Pulling Down Krone – Bloomberg.
Oil slid to a four-year low amid speculation OPEC will refrain from cutting output at today’s meeting, dragging down shares of energy companies, Gulf-region stocks, and the Norwegian krone. Government bonds rose, with yields in Europe falling to record lows.
West Texas Intermediate crude tumbled 2.1 percent to $72.15 a barrel at 11:07 a.m. London time, a fourth-straight decline. While the Stoxx Europe 600 Index gained 0.2 percent after data showed record-low German unemployment, a gauge of energy producers slid 1.3 percent. Qatar and Oman led stocks lower in the Gulf region, and Norway’s krone weakened against all its 16 major counterparts. France’s 10-year yield fell to an all-time low of 1.006 percent.
Representatives from the 12-member Organization of Petroleum Exporting Countries are meeting in Vienna, with oil prices mired in abear market. The 27 percent drop this year has pulled the Stoxx 600 Oil & Gas Index down 6.5 percent, weakened currencies of commodity-producing nations and damped inflation, helping fuel a rally in fixed-income assets. Germany will release consumer-price data today as investors weigh whether the European Central Bank will step up stimulus. Most U.S. markets are closed for Thanksgiving.
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