Commodity Daily News

Will Crude Oil Continue its Slide?

Crude Oil Prices fell in New York after the latest economic reports in the U.S. showed a deepening recession that may lead to a cut in fuel demand in the world's largest oil consumer. Much of the bearish movement in Crude Oil has been attributed to fears of a drop in fuel consumption due to poor economic outlook in the major world economies. With economic growth slowing in the U.S. and Europe, Crude Oil may continue depreciate.
The Organization of the Petroleum Exporting Countries (OPEC) may cut output for the second time in recent months as OPEC ministers meet on November 29 in Cairo, Egypt. The OPEC ministers look ahead to find a solution to the continued drop in Oil prices, as the global economic recession in the U.S. has recently pushed Oil prices to below $50 a barrel. Last month, OPEC agreed to cut production by 1.5 million barrels a day.