Oil Markets Falling off the Cliff on OECD Concerns

Oil prices declined this week following a report from the Organization for Economic Cooperation and Development that major world economies were expected to make an "uneven recovery" over the coming years. In early November, OPEC said ongoing concerns about the sovereign debt crisis in European economies, coupled with problems with other leading economies, would be a drag on commodity markets. In the United States, meanwhile, partisan rancor over the so-called fiscal cliff means the world economy is nowhere near a post-recession climate.

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