Oil Benchmarks Recede, OPEC to Continue Supply Levels

by Tim Bonett, KPI Bridge Oil
Monday October 20, 2014

Oil markets were light on market indicators today and benchmarks receded after an end of week rally on Friday.

OPEC members made it clear that no actions would be taken on slowing down the supply glut in the immediate future.

Global estimates have purported daily production of 1.5 - 2 million barrels over demand.

OPEC does not meet again until November 27th leaving quite time for prices to weigh on the flooded market.

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