Negative Trend Opec Serious On Oil Cut

Discussion in 'Commodity Futures' started by bapunagar, Oct 19, 2006.

  1. Prices of oil fell slightly yesterday, OPEC’s estimation on the production cut news might affect the prices in the US stock market for which instead of showing positive trend in the prices there is some reverse effect, yesterday there was a fall of 2.2 % wherein the price reached 57.65 $ a barrel lowest since Oct 11. OPEC members, excluding Iraq, are currently producing less crude oil than authorized under their quotas, OPEC will today agree to cut production in the meeting that is going to take place in Qatar due to the fall in prices