Crude Oil Decline as signs of slowing growth in the U.S. economy and some European nations dented investor confidence that prices will reach $100 a barrel.
The world's largest oil user slowed retail spending growth, to a four-month low in October, according to WorldWatch survey. Oil imports in China, where fuel taxes will be introduced this year, fell last month to their lowest since February.
Crude oil for December delivery declined to $94.86 a barrel in after-hours electronic trading on the New York Mercantile
Exchange.
The Organization of Petroleum Exporting Countries, the producer of more than 40 percent of the world's oil, has no plan to discuss raising production targets at its heads of state summit in Riyadh on Nov. 17-18, Iran's OPEC governor and a Persian Gulf oil official said.
The group will only review production quotas as its next ministerial-level meeting on Dec. 5 in Abu Dhabi, but perhaps this will change and new production increase will be on the agenda...
Whether we get to $100 is all psychology,as mentioned before there's nothing fundamental that changed between September and November to get us to $95., the only explanation is SPECULATION...
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