Oil Keeps Sliding

Oil continues to sink, sliding to $68 a barrel on fears of a global slowdown. OPEC will likely cut the supply in response to the slipping price.

Reuters: The 13-member organisation of the Petroleum Exporting Countries meets on Friday in an emergency session originally set for November 18.

It announced last week when oil fell below $70 a barrel it was bringing the meeting forward. U.S. crude on Wednesday fell further still to around $68.

“A cut of at least a million barrels per day is needed in my view,” an OPEC delegate told Reuters. “Anything less would mean more supply than demand.” The source did not specify when any cut would take effect.

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