BusinessSeptember 10, 2008
OPEC decides to curb oil production
VIENNA, Austria -- OPEC oil ministers agreed Wednesday to curb production by more than 500,000 barrels a day in a compromise meant to avoid new turmoil in crude markets while seeking to prevent prices from falling too far. The move reflected OPEC efforts to cover all bases in an oil market that saw prices spike to a new record just short of $150 a barrel in July, only to drop nearly 30 percent off those peaks in subsequent months...
The Associated Press
VIENNA, Austria — OPEC oil ministers agreed Wednesday to curb production by more than 500,000 barrels a day in a compromise meant to avoid new turmoil in crude markets while seeking to prevent prices from falling too far.
The move reflected OPEC efforts to cover all bases in an oil market that saw prices spike to a new record just short of $150 a barrel in July, only to drop nearly 30 percent off those peaks in subsequent months.
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Oil prices lost more ground Tuesday ahead of the OPEC decision. Benchmark crude for October delivery fell $3.08 to settle at $103.26 on the New York Mercantile Exchange, the lowest settlement price since April 1.
In aftermarket trading Tuesday, prices tumbled more than $4 a barrel to a new five-month low of $101.74.
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