OPEC's Signal of Increasing Output Weakens Oil Prices

Crude oil prices plummeted Thursday after the OPEC indicated to raise output to bring down prices. Bearishness was exacerbated by weaker than expected US ISM non-manufacturing index which overshadowed the drop in the number of initial claims. The front-month contract for WTI crude oil fell to 102.36, the lowest level since April 23, before ending the day at 102.54, down -2.55%. Gold also slumped as driven by the selloff in the euro. The benchmark Comex contract fell for a third consecutive day t...

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