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FatalWishes
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Oil trades below $65 despite OPEC cuts output
| Quote From Source: | Oil below $65 despite OPEC decision to cut 1.5 million barrels a day amid slumping demand
LONDON (AP) -- Oil fell sharply and traded below $65 a barrel Friday amid weakening global demand for crude -- despite a decision by the OPEC cartel to cut production quotas by 1.5 million barrels a day from next month.
Light, sweet crude for December delivery fell $3.44 to $64.40 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. The contract overnight rose $1.09 to settle at $67.84.
The size of the OPEC cut reflected concerns within the Organization of Petroleum Exporting Countries, which accounts for 40 percent of global oil supply, that the bottom appears to be falling out of the market. Crude is selling for 50 percent less than this year's historic heights because the worldwide economic crisis has put a huge crimp in demand.
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Wow they took 1.5 million barrels out and its still dropping. Hrmm...must mean things are going to get worse than even OPEC thinks.
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FatalWishes
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Oil is currently at
Oil $63.36
They must be planning on a HUGE slowdown in the economy. Even with a huge cut in supply it is dropping like a rock.
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posted on 10/24/2008 at 07:01
