Organization of Petroleum Exporting Countries and Minister Rafael Ramirez

Minister Rafael Ramirez: Futures dropped 0.6 percent in New York , decreasing for the fifth time in six days. The Organization of Petroleum Exporting Countries may hold an emergency meeting in the first quarter of next year, Venezuela s Foreign Minister Rafael Ramirez said in an interview with Panorama newspaper. The groups failure to cut output at a gathering last week bodes well for U.S. producers, according to billionaire wildcatter Harold Hamm , a founding father of the nations shale boom, according to Bloomberg. The supply overhang will keep the corrections relatively subdued, Ric Spooner, a chief strategist at CMC Markets in Sydney, said by phone today. The whole dynamic of the market is toward lower prices and West Texas Intermediate crude fell, trimming the biggest rally since August 2012 as investors weighed OPECs decision to let the market curb a global supply glut. Brent slid in London . Oil has collapsed into a bear market amid the highest U.S. output in more than three decades and signs of slowing global demand growth. responsible for about 40 percent of the worlds supply, resisted calls from members including Venezuela and Iran to reduce its quota of 30 million barrels a day at a Nov. 27 meeting in Vienna. (news.financializer.com). As reported in the news.