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Opec likely to cut output as prices slide below $100

Posted on 06 October 2011

The decline in Opec’s oil below $100 a barrel for the first time since February is raising the likelihood the group will cut output, as Libya revives output and the global economic recovery falters.
The Opec basket of crudes fell to $98.59 yesterday, down 18 per cent from its highest level this year and within 2 percentage points of the 20 per cent drop that’s deemed a bear market. Brent oil tumbled 21 per cent from its April high and New York crude 34 per cent……………………………………….Full Article: Source


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