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OPEC punts on further production cuts; crude prices, energy stocks sink

  • Crude oil prices (USO -2.3%) are firmly in the red after an OPEC technical meeting brings no decision on further production cuts despite a mounting global supply glut and weakening demand growth for crude, instead focusing on bringing Nigerian and Iraqi output down to agreed quotas.
  • "It is effectively a hidden cut, because if countries like Nigeria and Iraq do comply with the voluntary cuts, we will end up with less barrels in the market," says one delegate.
  • WTI October crude -2.5% to $54.37/bbl, November Brent -2.2% to $59.48/bbl.
  • Today's accompanying slide in energy stocks (XLE -0.6%) has pressured the sector back below its 50-day moving average.
  • Among today's biggest decliners: NBR -10.9%, SWN -7.3%, RIG -5%, NOV -4.8%, XEC -4.4%, CHK -3.3%, CXO -3%, HP -2.8%, HAL -2.7%, SLB -2.5%.
  • ETFs: USO, XLE, OIL, UWT, UCO, XOP, VDE, OIH, DWT, BNO, ERX, GUSH, SCO, BGR, XES, DBO, DRIP, ERY, FENY, DIG, NDP, DTO, OILU, FIF, USL, IYE, DUG, IEO, IEZ

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RIG--
Transocean Ltd.