date:Sep 25, 2015
her high-cost projects in competing countries.
This could mean that Opec producers, and particularly Saudi Arabia, hold off cutting production for months or years to come.
Brent crude prices retreated sharply, after reaching $50.25 a barrel, falling to $47.87 a barrel in afternoon deals, down 2.5% on the day.
Low oil prices are bearish for corn and soybeans, which are used as biofuel feedstocks.
November soybeans closed up 0.2% at $8.86 a bushel, with only limited support from wheat.
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