Oil Jumps Most in Two Weeks as Fighting, Strike Curb OPEC Output – Bloomberg.
Crude oil jumped the most in two weeks on signs output may contract from two nations accounting for about 9 percent of OPEC production. Prices remain near a five-year low, and the United Arab Emirates said the 12-nation group won’t rein in production in response to the slump.
Fighting disrupted exports from Libya’s largest and third-largest crude ports and halted output from some fields, state-run National Oil Corp said. Workers at Nigerian oil platforms and shipping terminals began an indefinite strike over industry reforms, according to a union spokesman. OPEC won’t cut output even if prices fall as low as $40 a barrel, U.A.E. Energy Minister Suhail Al-Mazrouei said.
Oil fell into a bear market this year amid the highest U.S. production in three decades and slowing growth in global consumption. Prices have fallen about 20 percent to the lowest in five years since the Organization of Petroleum Exporting Countries decided not to cut production to tackle the glut at a Nov. 27 meeting. The group has pumped more than its output target of 30 million barrels a day for the last six months.
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