Europe

Markets - Energy - Europe

Oil pinned near three-month lows as gloom grows over OPEC LONDON: Oil fell to its lowest in three months on Monday, as the prospect of another year of oversupply and weak prices overshadowed chances that OPEC will reach a deal to cut output. Donald Trump's surprise win in last week's US presidential election boosted the dollar and stocks but undermined oil. Crude has also fallen because of waning expectations that the world's largest exporters will agree to reduce production this month. Brent crude futures fell 50 cents on the day to $44.25 a barrel by 1303 GMT, while NYMEX crude futures shed 60 cents to trade at $42.81 a barrel. "In the same way that a strong OPEC agreement was needed to continue the rally above $55, a lack of agreement will be needed to break below $40 and right now, we're at $45," Petromatrix strategist Olivier Jakob said. OPEC plans to cut or freeze output, but analysts doubt the ...
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