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NEW YORK ECCO Mens Cheja Sandals Warm Grey Olive Oil Australia , Dec. 15 (Xinhua) -- Oil prices dropped to a five-year low under fresh selling pressure on Monday as the United Arab Emirates said the Organization of Petroleum Exporting Countries ( OPEC) will not reduce production in response to the slump.


Light, sweet crude for January delivery moved down 1.9 U.S. dollars to settle at 55.91 dollars a barrel on the New York Mercantile Exchange,while Brent crude for January delivery lost 79 cents to close at 61.06 dollars a barrel.


Concerns over a global glut of oil continued to weigh on the market. The crude price has fallen more than 45 percent since June as producers from the United States have ramped up output amid lukewarm energy demand.


U.S. crude production reached 9.12 million barrels per day (bd) for the week ended Dec. 5, according to the Energy Information Administration (EIA). The figure is just 1 million bd short of Saudi Arabia's output.


Meanwhile, Suhail Al-Mazrouei ECCO Chander Classic Fisherman Sandals Black Australia ,the energy minister of United Arab Emirates, restated on Sunday that OPEC will refrain from cutting output even if prices fall as low as 40 dollars.


OPEC, which pumps a third of the world's crude, maintained its collective production ceiling of 30 million barrels a day on a meeting in Vienna on Nov. 27. Analysts regarded the decision very bearish to crude prices. As the organization keeps production steady, crude prices could fall further.


Meanwhile ECCO Mens Yucatan Sandals Black Mole Australia , a stronger U.S. dollar and uncertainties about global economic growth have also contributed to the oil prices slump.


The EIA cut its crude price forecasts by 15 dollars last week in response to the OPEC decision and rising U.S. output, and predicated that U.S and Brent crude will average 62.75 dollars and 68.08 dollars respectively in 2015.


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U.S. stocks fall with oil in volatile session


NEW YORK, Dec. 15 (Xinhua) -- U.S. stocks closed down Monday after a volatile trading session, with oil prices keeping to sink.


The Dow Jones Industrial Average shed 99.99 points, or 0.58 percent ECCO Mens Yucatan Sandals Bison Black Australia , to 17,180.84. The S&P 500 lost 12.70 points, or 0.63 percent, to 1,989.63. The Nasdaq Composite Index fell 48.44 points ECCO Mens Yucatan Sandals Tarmac Black Australia , or 1.04 percent, to 4,605.16. Full story


Gold falls sharply on Fed rate outlook


CHICAGO, Dec. 15 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell sharply on Monday amid expectations that the U.S. Federal Reserve plans to move closer to raising interest rates.


The most active gold contract for February delivery lost 14.8 U. S. dollars, or 1.21 percent ECCO Mens Soft 8 Slip On Black Australia , to settle at 1,207.7 dollars per ounce.


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CANBERRA, May 26 (Xinhua) -- Australian supermarkets have been warned to stop selling "dollar-per-liter" fresh milk or face government controls, following a widespread public backlash over "unfair" price war putting farmers out of business.


Federal Agriculture Minister Barnaby Joyce has told News Corp a re-elected coalition government would force a price rise so producers could get a "fairer deal" after it was revealed many dairy farmers were hundreds of thousands of dollars in debt as a result of a supermarket milk price war.


"Retailers need to understand the momentum is there nationally for farmers to get a fairer deal, dollar-liter milk that is cheaper than bottled water is not fair," Joyce told News Corp on Thursday.


"It is seen now by consumers as a bad thing that rips off farmers; it is affecting (the supermarkets') good corporate names ECCO Rugged Track Gtx Moc Tie Mocha Australia , so they should change it."


"Retailers don't want the government to jump on them, but we will if they don't do anything."


Joyce's latest comments were supported by independent Senator Nick Xenophon, who said it was a "national disgrace" that milk could be sold for one (Australian) dollar (73 U.S cents) per liter.


"It should never have come to this; dollar-a-liter milk price is not sustainable," he said on Wednesday afternoon.


"If we have to have an emergency levy put on milk, so be it."


The news follows Wednesday's announcement from the government that a half a billion dollar dairy bailout package for struggling farmers would be distributed among the nation's 6 ECCO Transit Slip On Moon Rock Australia ,000 dairy producers.


The bailout package was deemed necessary after the nation's two diary giants Fonterra and Murray Goulburn slashed wholesale prices to sustain the supermarket price war. In turn, the wholesale price cut was passed down to farmers, some of whom lost the equivalent of a yearly profit in one day.

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