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Oil Unable to Halt Decline, Corn Jumps on Weather Concerns

November 13, 2014 at 0:46 by Vladimir Vyun

Crude oil dropped today on speculations that the Organization of Petroleum Exporting Countries will not reduce its output to halt the decline of prices. Data from the OPEC showed that production fell by 226,400 barrels per day to 30.25 million barrels last month. Yet it did not help the commodity to halt decline. December futures for delivery of WTI crude oil fell 0.25 percent to 76.99 per barrel as of 00:37 GMT on NYMEX today. Brent crude lost as much as 1.58 percent to $80.38 per barrel on ICE.

Futures for corn extended their rally on forecast of cold weather in the United States. Market participants are worried that freezing temperatures may hurt crops. Additionally, experts predict increasing demand for the grain as livestock feed. Animals tend to eat more during colds to stay warm. December contract for corn jumped 1.07 percent to $3.7775 per bushel as of 00:42 GMT on CBoT today.

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