Crude prices have now fallen 56 percent from the highs reached in July, and more than $41 per barrel in just the last month.
Gathered in Vienna, Austria, on Friday to stanch plunging oil prices, OPEC announced it would slash oil production by 1.5 million barrels a day.
Oil prices plunged 5 percent.
Investors paid little heed to OPEC's attempts to limit supply, instead focusing on global demand as financial markets spiraled downward in Asia, Europe and the United States.
Light, sweet crude for December delivery fell $3.69 to settle at $64.15 a barrel on the New York Mercantile Exchange. Prices had fallen as low as $62.85 earlier in the day.
Subscribe to:
Post Comments (Atom)
Posts
0 comments:
Post a Comment