Summary: Despite the recent drop in oil prices, OPEC denied any intention to cut production. Oil prices reacted positively to the news, dropping $0.20/barrel yesterday to close at $62.76/barrel. In other commodity markets, the November natural gas futures contract fell $0.277/million BTU, but December wheat futures rose to a four month high of $4.455/bushel.
Related links: Full WSJ article • OPEC Keeping Its Eye on Prices • OPEC: Lemonade Cartel • The Significance of Oil's Drop Under $60 • Oil vs. Dow: 1987 Deja Vu All Over Again? • Cheaper Oil's Downside (Part I) • Cheaper Oil's Downside (Part II) • BusinessWeek: The Downside Of Cheaper Oil
Potentially impacted stocks and ETFs: Oil majors: ExxonMobil Corp. (NYSE:XOM), ConocoPhillips (NYSE:COP), Chevron Corp. (NYSE:CVX), BP PLC (NYSE:BP) and Royal Dutch Shell (NYSE:RDS.A) • ETFs: U.S. Oil Fund ETF (NYSEARCA:USO), Oil Service HOLDRs ETF (NYSEARCA:OIH).
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