Oil price drops before Opec countries meet
November 27 , 2014
Oil prices fell ahead of the Opec oil producing countries meeting on Thursday, media reports say.
Brent crude dropped 58 cents to reach $77.75 per barrel.
Saudi Arabia has indicated it won’t push for output cuts to make prices higher.
On Wednesday, November 26, the US crude ended at $73.69 per barrel, down 40 cents.
Ali al-Naimi, the Saudi oil minister, said the oil market would eventually “stabilize itself.” Saudi Arabia is the largest oil producer among Opec nations.