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[Tripon]

Oil futures fell sharply Friday, posting their biggest daily loss in two months on skepticism that the world’s largest exporters can cooperate and ease a supply glut that has dragged down prices for two years.

Crude dropped just before noon after Bloomberg News reported Saudi Arabia doesn’t expect the Organization of the Petroleum Exporting Countries to reach an agreement when it meets Wednesday in Algeria’s capital. The comments echo those made last weekend by the group’s secretary-general to Algeria’s state news agency APS that the meeting is informal and not for decision-making.

Traders “are reacting with disappointment and disgust,” said Donald Morton, senior vice president at Herbert J. Sims Co., who runs an energy-trading desk.

http://www.wsj.com/articles/oil-prices-slip-as-opec-meeting-looms-1474624136

Basically, despite oil speculators trying to prop up the price of oil. The reality that there's a glut of supply and hasn't changed in the last several years will keep the price of oil down until that glut is addressed.

 

[andythinkpad]

I don't have problem with the oil price jumping off a cliff. But cheaper energy price generally will accelerate climate change.

 

[Pakkidis]

I kinda wish oil prices were crazy high so we can put more emphasis on reusable energy sources instead. Low oil prices means we are going to stay on oil for a long time to come.

 

[Nikodemos]

I kinda wish oil prices were crazy high so we can put more emphasis on reusable energy sources instead. Low oil prices means we are going to stay on oil for a long time to come.

Well, with all the emissions scandals going around, I'd say fuel use will decrease, if only because governments will take a harder stance against cheaters.

 

[jet1911]

I guess that's why it's 12 cent/litre more than yesterday...

 

[DOWN]

Drop those gas prices baby

But RIP oil jobs

 

[pestul]

RIP in peace Alberta and Newfoundland Canada..

 

[massoluk]

RIP my solar energy stocks

 

[RumblingRosco]

RIP in peace Alberta and Newfoundland Canada..

Nope. When the Earth heats up due to us burning tons of oil due to the low price, cooler climates (say, Canada) will become prime real estate.

This entire thing is a trap set by the Canadians.

 

[NetMapel]

Time to buy oil stocks?

 

[Makai]

Time to buy oil stocks?

We may have hit peak oil price.

 

[shira]

Annnnnnnnnnnnnd my dollar just became worthless

 

[Moppet13]

I thought the popular belief among oil investors was that nothing would happen at this meeting and if anything were to happen it would be in Vienna in November

 

[kIdMuScLe]

Soooooo why did gas go up in Los Angeles? I was lyfting and I saw $3.50 in near downtown LA and price went up 10cents near me my place from $2.39 to $2.49

 

[elrechazado]

Soooooo why did gas go up in Los Angeles? I was lyfting and I saw $3.50 in near downtown LA and price went up 10cents near me my place from $2.39 to $2.49

Fake refinery problems