Crude is set for its worst quarterly fall in four years even as OPEC and other allies pledged to cut production.
Oil prices declined more than 5 percent for the second time this week, extending their losses for the quarter ended December to 33.9 percent, the most since 2014, according to Bloomberg data.
Brent crude closed below the $55-a-barrel mark for the first time since October last year on the back of rising U.S. inventory. Earlier this week, the American Petroleum Institute reported a 3.45-million-barrel rise in U.S. stockpiles. The oil cartel's announcement to slash output by 1.2 million barrels a day starting January couldn't stem the slide as traders said these cuts won't be enough to curb surplus production in non-OPEC nations, particularly the U.S.
Watch the video here:
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
