$73.85 is the fresh low after $74 and last week’s low of $73.88 gave way.
The November low is $73.25.
It’s been a swan dive from $76.58 in early US trading. The market had pinned its hopes on a meeting between Venezuela, Saudi Arabia, Mexico and Russia on the sidelines of the OPEC gathering but there were no hints of a supply cut there.
That was followed up by a report in the Wall Street Journal saying there likely won’t be a supply cut and countries will pledge to follow quotas more closely instead.
