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Brent Extends Drop to 4-Year Low as OPEC Seen Resisting

[Kittyday]

“The market is looking for any signs of OPEC production cuts but it doesn’t look like Naimi is in a hurry to do that,”said Phil Flynn, senior market analyst at the Price Futures Group in Chicago. “The market is just testing OPEC’s resolve. It’s full speed ahead until something changes.”
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Brent for December settlement, which expires today, dropped $1.29, or 1.6 percent, to $79.09 a barrel at 9:02 a.m. New Yorktime on the London-based ICE Futures Europe exchange after falling to $78.71. The more active January contract was down $1.35 at $79.77. The volume of all futures traded was about 27 percent above the 100-day average for the time of day.
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“People recognize that you’re unlikely to see a cut in this Nov. 27 OPEC meeting,” and that’s pushed prices lower in the last several days, Jeff Currie, head of commodities research at Goldman Sachs Group Inc. in New York, said today in an interview on Bloomberg Television’s “On the Move” with Jonathan Ferro. “When we look at U.S. shale production, it is continuing to surprise to the upside.”