Reuters reports OPEC may cut oil supplies in 2 rounds: Khelil. With the price of oil falling from $147.27 to under $70 per barrel, OPEC is now trying to stop the decline. The November sweet crude contract rose from $69.85 to $71.85 even in anticipation of OPEC meeting to cut production.
Updated Monday morning (10/20/2008): crude rose more than $2 to over $74 a barrel.
Updated Tuesday afternoon (10/21/2008): U.S. oil for November delivery tumbled $3.98 a barrel to $70.27 by 12:33 p.m. (1633 GMT) on weak demand, despite the OPEC supply cut.
Updated Friday morning (10/24/2008): U.S. light crude for December delivery traded down $4.80 at $63.04 a barrel. Earlier it touched $62.85, its lowest since May 2007.
Updated Monday morning (10/27/2008): Crude for December delivery dropped $1.99, or 3.1%, to $62.16 a barrel.
Updated Tuesday morning (10/28/2008): OPEC officials say ready to act again to boost oil. Prices recovered to $64 a barrel.
