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Commodities Briefing - Categorized | Market Moves, Oil, Price Watch, Regulatory more

Oil markets brush off OPEC’s big cut

Posted on 19 December 2008

From The Globe and Mail: Oil markets gave a sharply negative review yesterday to OPEC’s decision to slash production by a further 2.2 million barrels a day, as crude prices fell below $40 (U.S.) a barrel for the first time in more than five years.

At a meeting in Algeria, ministers from the Organization of Petroleum Exporting Countries agreed to cut supplies by a total of 4.2 million barrels a day below September levels. The cartel had already agreed to rein in production by two million barrels at two separate meetings this fall….. Full Article: Source


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