Friday, 16 January 2015 - 8:38
Oil market tumbles after OPEC boosts output.
The oil market tumbled yesterday after OPEC said it produced more oil in December than its limit, despite sharply falling prices, and lowered its global demand outlook for its crude.
US benchmark West Texas Intermediate for delivery in February plunged 2.23 dollars, to 46.25 dollars a barrel on the New York Mercantile Exchange, almost wiping out Wednesday's rally, considered a rare market breather in oil's dizzying dive since June.
The 12-nation Organisation of the Petroleum Exporting Countries, which produces about one third of global supplies, said in a monthly report yesterday that its production rose to 30.2 million barrels a day in December.