Original article by Sarah Turner
The Australian Financial Review – Page: 13 & 16 : 27-Nov-18
The latest fall in crude oil prices has weighed on Australian oil stocks and heightened concerns about the outlook for the global economy. The price of West Texas Intermediate has fallen by 34 per cent since peaking at $US76.41 a barrel in early October, closing 7.7 per cent lower at $US50.42/barrel on 23 November. Brent crude in turn fell 6.1 per cent to $US58.80, extending its loss since early October to 31.9 per cent. Martijn Rats of Morgan Stanley says there is a good chance that OPEC will respond with further production cuts.
MORGAN STANLEY AND COMPANY INCORPORATED, ORGANISATION OF PETROLEUM EXPORTING COUNTRIES, WOODSIDE PETROLEUM LIMITED – ASX WPL, SANTOS LIMITED – ASX STO, OIL SEARCH LIMITED – ASX OSH, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, VERTIUM ASSET MANAGEMENT, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT