| From Theglobeandmail.com: Oil prices tumbled below $39 (U.S.) a barrel Monday as traders shrugged off reports that OPEC had slashed production, focusing instead on falling stock prices.
Light, sweet crude for April delivery for April delivery fell 4 per cent, or $1.59, to settle at $38.44 a barrel on the New York Mercantile Exchange. Prices got an early bump on reports that the Organization of the Petroleum Exporting Countries had made good on a pledge to cut production by more than 4 million barrels per day..... Full Article: Source
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