The sharp drop in oil prices Wednesday may have crushed some speculative traders but did not come as a big surprise to some oil industry executives who have been planning for price volatility.
The crushing 5 percent decline came a day after OPEC and non-OPEC members reaffirmed their commitment to cut production but stopped short of saying they would extend the six-month agreement when OPEC meets in May. Instead they said they would review the situation and weigh the supply situation when they meet.
Oil fell Wednesday after U.S. government data showed another build of 8.2 million barrels, and U.S. production continued to creep higher to 9.1 million barrels a day.
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