Crude Falls Slightly
Dec 17th, 2008 | By Doug Casey | Category: Financial NewsIn the energy market Tuesday, oil prices declined, with crude for January delivery closing at $43.60/barrel, down 91 cents. January reformulated gasoline was up a third of a cent, to $1.04/gallon.
“Hopes of a hefty supply cut and the impact of the significantly weaker dollar were countered by profit-taking and concerns over the economy,” wrote Nimit Khamar, of Sucden Financial.
Early in the day, Saudi Arabian Oil Minister Ali Naimi said OPEC will announce a production cut of about 2 million barrels a day at the cartel’s meeting today.
But,”That figure is probably not enough to match the fall in demand and almost certainly not enough to send prices to the $70 level that many OPEC members would like to sustain,” said James Williams, of WTRG Economics.
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