Brent crude fell towards $72 on Friday, close to a four-year low touched the day before after OPEC decided not to cut oil output to support prices.» Read More
Russia's most powerful oil official said in an interview with an Austrian newspaper that oil prices could fall below $60 by mid-way through next year.
Brent crude oil fell more than $3 to a fresh four-year low under $75 a barrel on Thursday after OPEC decided not to cut production.
Don Luskin, Chief Investment Officer at Trend Macro, says technological abundance is collapsing prices in the energy sector, which is hurting major cartels like OPEC.
Oil could drop to $35 a barrel if OPEC does not reach an agreement by next spring, when supply will dwarf demand, oil price tracker Tom Kloza says.
Dennis Gartman, Founder, Editor & Publisher of The Gartman Letter, says OPEC won't reduce output since members need high levels of cash flow in order to fulfill promises to citizens.
Oil futures sank to a fresh four-year low overnight as ministers from the Organization of the Petroleum Exporting Countries are set to meet Thursday.
The idea that the cartel is worried about market share is misleading, says Daniel Hynes, Senior Commodity Strategist at ANZ.
The minister said he is confident the group will reach a unified decision, and that the meeting will last only one day.
Tony Nash, Vice President at Delta Economics, says commodity deflation in countries like Germany and China is worrying.
Chatib Basri, former Finance Minister of Indonesia, and David Fernandez, Head of FICC Research for Asia-Pacific at Barclays, discuss Indonesia's economy.
As oil prices continue to fall, Wall Street is waiting to see if OPEC cuts oil production
Tim Condon, Head of Research for Asia at ING Financial Markets, says the lower oil prices are giving governments opportunities to do pro-market reforms in countries like Malaysia and Indonesia.
Over the next 25 years, the U.S. will become a global energy powerhouse. That shift will reshape geopolitical power.
Get the best of CNBC in your inbox