Crude oil slumps more after OPEC cut

Crude Oil prices have fallen sharply, dropping below $65 a barrel today despite OPEC's decision to cut production quotas.
Weakening global demand for crude amid the world's financial woes has softened the impact of OPEC's announcement that it's cutting production by 1.5 million barrels a day, starting next month.
Light, sweet crude for December delivery fell $3.44 to $64.40 a barrel in electronic trading in Europe.

Oil prices plunge, gas prices follow

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.

Crude oil plummets to $61 a barrel

Crude oil prices today tumbled to 61 dollars a barrel level as fears spread about recession soon gripping the leading economies like the US and the UK and a proposed production cut by OPEC also failed to halt the slide. the oil producing countries' group OPEC saying it would cut the output by 1.5 million barrels per day -- the first cut in nearly two years. Hitting its lowest level in about one-and-a-half years, the Brent Crude price today fell to a low of 61.07 dollars a barrel, before recovering partially to 62.5 dollars here.
The plunge in crude prices came on the back of reports that economic recession is imminent in the US and the UK.