Light, sweet crude for December delivery has plunged to US$74.2 a barrel on, the lowest settlement price since Sept. 21, 2010. Brent fell to US$77.9 a barrel on ICE Futures Europe, also the lowest since September 2010. Oil production is on the rise in USA- domestic crude prices have tumbled below US$75 for the first time in over 4 years, reinforcing investors’ fears of a global supply glut. As per Energy Information Administration, oil production has spiked past 9 mln bpd for the first time since 1986. This shows that the price drop has not forced widespread cutbacks among US producers either. Traders are skeptical about OPEC reducing production and contain global oil supplies despite slower-than-expected demand growth.
09-Dec-14 
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