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Crude oil prices fall sharply on OPEC's production cut
www.chinaview.cn 2004-12-11 09:46:14

    NEW YORK, Dec. 10 (Xinhuanet) -- Crude oil prices fell Friday to the lowest in more than four months as traders regarded Organization of Petroleum Exporting Countries'(OPEC) production cut as a too conservative measure.

    On the New York Mercantile Exchange, crude oil for January delivery fell 1.82 dollars to settle at 40.71 dollars per barrel, the lowest since July 21. Meanwhile, on London's International Petroleum Exchange the January Brent crude-oil futures contract declined 2.29 dollars to end at 37.38 dollars a barrel.

    On Friday, OPEC members agreed to trim daily output by 1 million barrels to meet their quota of 27 million barrels a day and prevent an oversupply from forming. The cut would be effectivein January 1. OPEC would meet again January 30 to consider production for the second quarter, when demand for oil fell to itslowest level as warm weather drove demand for heating fuel down.

    "I think the price decline is going to resume fully," an energybroker said in New York. "I think that OPEC needs to cut more in order to stop the slide."

    Because OPEC's cutback still would leave overall production levels high, many analysts expected crude oil to fall below 40 dollars a barrel soon, with a price bottom at 34 dollars to 36 dollars per barrel. Enditem

    

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