West TX Oil Drops Below $73 Before OPEC

Oil slid to a four-year low amid concern OPEC won’t agree to cut output at today’s meeting. Chinese shares traded at a three-year high on further monetary loosening and the yen strengthened a third day.

West Texas Intermediate crude tumbled 1.2 percent to $72.84 a barrel by 12:22 p.m. in Tokyo, falling for a fourth straight day. The Shanghai Composite Index rose 0.3 percent, touching the highest intraday level since August 2011. Samsung Electronics advanced as much as 8.3 percent in Seoul after saying it will buy back $2 billion of shares. Standard & Poor’s 500 Index futures increased 0.1 percent after the U.S. gauge rose to a record before today’s holiday. The yen gained 0.2 percent.

Representatives from the 12 Organization of Petroleum Exporting Countries meet today in Vienna, with oil prices mired in a bear market. China’s central bank didn’t sell repurchase agreements in open-market operations for the first time since July, further loosening monetary policy after cutting interest rates for the first time since 2012. Reports on Spanish economic growth and German unemployment are due, while U.S. markets are closed for Thanksgiving.

Bloomberg

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