An employee checks sealed oil barrels as they move along a conveyor belt after filling at Royal Dutch Shell Plc's lubricants blending plant in Torzhok, Russia. (Getty file photo)
OPEC's decision to cede no ground to rival producers underscored the price war in the crude market and the challenge to U.S. shale drillers. "We are entering a new era for oil prices, where the market itself will manage supply, no longer Saudi Arabia and OPEC," said Mike Wittner, the head of oil research at Societe Generale SA in New York. "It's huge. This is a signal that they're throwing in the towel. The markets have changed for many years to come." [Full Story]
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