Opec’s decision to leave its 30mn b/d production ceiling unchanged scotched any hopes that crude prices would rally following the group’s Vienna meeting. Atlantic basin benchmark North Sea Dated plunged by nearly $7/bl on the day of the Vienna meeting on 27 November, its sharpest one-day decline since May 2011. The grade shed $6.80/bl to $70.71/bl in the week to 27 November, hitting its lowest outright price since May 2010. US benchmark WTI fell less dramatically, shielded from the Opec meeting by the Thanksgiving holiday. January WTI fell by $2.16/bl to $73.69/bl in the six days to 26 November. But US prices were faltering even before the Opec meeting pulled the plug on values, with much of the week’s decline coming on 26 November.
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