Oil’s persistent slide has moved some OPEC members into action.

WTI traded down again Wednesday, off almost $3.00 from the day’s high to close at $90.83, a 17-month low. Brent crude closed at $94.14, a 27-month low following a price cut by Saudi Arabia.

Yesterday Reuters reported that OPEC output had hit its highest levels since 2012, thanks to more supply coming mainly from Libya and Saudi Arabia, and other OPEC producers.

“The lack of any cutbacks underlines the relaxed view of OPEC's core Gulf members to oil's slide from $115 in Jun...


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