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Our ownJohn Thorpe, on the big drop in the energy sector:
"Traders began focusing on defending the Bear Line in the sand at $61.20 per barrel," John Thorpe, a commodity broker at Cannon Trading, told UPI.
"The EIA sees 2018 domestic crude production at 10.9 million barrels per day, up 1.5 percent from the October forecast. It also lifted its 2019 view on output by 2.6 percent to 12.06 million barrels a day," he added, referring to a report issued Tuesday that was having an impact in the market.
"The expectations for lower prices yet further, increase the argument for crude entering into a bear market," he said.
With prices seeing declines, there was speculation that producer nations may resort to production cuts. According to the OPEC website, the organization has its 175th ordinary meeting scheduled for Dec. 6 in Vienna.
Representatives of some nations will meet on November 12-15 on the framework of ADIPEC, theAbu DhabiInternational Petroleum Exhibition and Conference
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