OPEC Cuts Production, Oil Prices Continue Slide
October 27, 2008 · Filed Under Fuels, Oil Industry
SINGAPORE (AP) - Oil prices fell to 17-month lows at $63 a barrel Monday in Asia as investors weighed Friday’s OPEC output cut against growing evidence of a severe global economic slowdown that would undermine crude demand. Light, sweet crude for December delivery fell 32 cents to $63.83 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. Investors brushed off a 1.5 million barrel-a-day cut announced by the Organization of Petroleum Exporting Countries on Friday, focusing instead on falling crude demand as economies across the globe reel from the impact of a credit crisis. On Friday, oil fell $3.69 to settle at $64.15. Prices have plunged 57 percent from a record $147.27 on July 11.
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They announce that they will cut oil production by 1.5 million barrels a day and prices go down? This world is crazy, don’t get me wrong I’m happy to see prices at the pump drop, I just don’t understand how they are going down with a decrease in production! Go figure.