(File photo)
OPEC took no action to ease a global oil-supply glut, resisting calls from Venezuela that the group needs to stem the rout in prices. Futures slumped the most in more than three years. The group maintained its collective production ceiling of 30 million barrels a day. “OPEC has chosen to abdicate its role as a swing producer, leaving it to the market to decide what the oil price should be,” said Harry Tchilinguirian, head of commodity markets at BNP Paribas SA in London. [Full Story]
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