Oil price seen falling to $60 if OPEC does not cut output

lunes 24 de noviembre de 2014 02:00 GYT

* OPEC credibility may be in question if no cut agreed

* Cut of 500,000 bpd may not be enough to calm market

* Big cut could see prices rebound above $85 a barrel

By Claire Milhench

LONDON, Nov 24 (Reuters) - Oil prices could plunge to $60 a barrel if OPEC does not agree a significant output cut when it meets in Vienna this week, market players say.

Brent crude futures have fallen 34 percent since June to touch a four-year low of $76.76 a barrel on Nov. 14, and could tumble further if OPEC does not agree to cut at least 1 million barrels per day (bpd), commodity fund managers say.

"The market would question the credibility of OPEC and its influence on global oil markets if there was no cut," said Daniel Bathe, of Lupus alpha Commodity Invest Fund.

That could send Brent down to around $60, Bathe said.

"Herding behaviour and a shift to net negative speculative positions should accelerate the price plunge," he added.   Continuación...