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OPEC Production Cut Fails to Halt Prices Slide

Written by Writer on Saturday, October 25th, 2008

OPEC Production Cut Fails to Halt Prices Slide

2008-10-25 10:17:05 Xinhua

Crude futures dipped below 65 U.S. dollars a barrel Friday despite the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production.

Light, sweet crude for December delivery was down 3.69 dollars to settle at 64.15 dollars a barrel, after falling as low as 62.65 dollars, the lowest since May 2007.

OPEC announced Friday at an emergency meeting in Vienna that it would slash oil production by 1.5 million barrels a day. The reduction would take effect from Nov. 1.

However, fears on global economic recession dominated the markets.

The U.S. Labor Department report released this month showed that the number of people who have become unemployed over the last year has risen by 2.2 million to 9.5 million. While signs of a sharp slowdown in Europe and Asia intensified fears of deep global recession.

In London, Brent crude settled down 3.87 dollars to settle at 62.05 dollars a barrel.

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News Topics : 5 Million, Asia, Crude Futures, Europe, Fears, Global Economic Recession, Global Recession, Labor Department, Light Sweet Crude, London Brent Crude, Nov 1, Oil Production, Opec, Opec Production, Organization Of The Petroleum Exporting Countries, Petroleum Exporting Countries, Signs, Slowdown, Vienna, Xinhua