Falling to its lowest level in over two months; light, sweet crude for January delivery dipped to US$69.5 on the Nymex while Brent crude on the ICE futures inched up to US$71.8. Oil fell for the ninth consecutive day despite gains in equity markets and a lower dollar as growing concerns over crammed US oil inventories persisted. Oil prices continue to be under downward pressure under the mounting crude stocks in USA as market players seem growingly unconvinced that crude demand will pick up with an uptrend in the global economy.
OPEC is likely to hold its output targets steady at a meeting on December 22. OPEC has been quietly putting more oil on the market since April, as prices rallied.