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OPEC Production Cut Fails to Inspire Oil Market; Oil Drops to Four-Year Low
Oil prices fell again yesterday (Wednesday) – dropping below $40 for the first time in four years – as weak demand and growing inventories overshadowed a record cut in production by the Organization of Petroleum Exporting Countries (OPEC).
Light, sweet crude for January delivery fell $3.54 to settle at $40.06 a barrel on the New York Mercantile Exchange – the lowest level since 2004. Oil futures actually traded as low as $39.88 during the day yesterday. The slide came in spite of an announcement by OPEC that the cartel would cut its production quotas by 2.2 million barrels per day (bpd),…
18Dec2008 | Money Morning | 0 comments | Continued
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