Oil fell below $37 a barrel on Thursday, after new data showed OPEC is still pumping like there is no tomorrow.
The mighty oil cartel produced 31.7 million barrels a day in November, its latest monthly report shows. That is the highest output in over three years and 1.7 million barrels a day over its former production ceiling.
OPEC production rose by 230,000 barrels a day last month, according to secondary sources that track OPEC’s production levels.
The news pushed oil prices back below $37 a barrel for the second time this week. Last time oil was cheaper than that was in the depths of the Great Recession in February 2009. It reached a peak of nearly $108 per barrel in June 2014.
via CNN 
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.