Commodity Daily News

OPEC Schedules Emergency Meeting to Discuss Production Cuts

The price of Crude Oil dropped 6% over recession concerns and fears that demand will continue to decrease. The U.S. economic indicators released yesterday helped to put pressure on the price of Oil, sending it under $70 for a new 14-month low. Poor indicators from the U.S. economy have reduced the demand for Oil lately. Reduced fuel costs may be the only bright spot to appear from this economic crisis.

Due to the continuing price declines, OPEC has initiated an emergency meeting, scheduled to convene on October 24. Reducing Crude Oil output will be heavily debated as a possible way to increase Crude Oil's price. However, for the time being, traders may look for another drop in value, potentially reaching into the $60-$65 range before day's end.