18-Dec-2008 12:02 PM
Oil slumps below USD40 per barrel, even as OPEC announces big output cut
Analysis
Oil prices fell below USD40 per barrel in New York overnight before closing at its lowest level since Jul-04 of USD40.06 per barrel. The 8.1% slide in the oil price yesterday came despite the announcement of a record cut in output by OPEC members of 2.2 million barrels per day (mbpd) from 01-Jan-09, taking cuts since Sep-08 to 4.4 mbpd.
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