Oil dips below 87 usd as investors eye possible OPEC output hike |
| CNNMoney.com - Dec 3, 2007 |
Oil prices dipped going into the afternoon in London, falling below the 88 usd dollar mark as investors eyed a possible output hike from OPEC against a backdrop of a weakening global economy.
With OPEC ministers arriving in Abu Dhabi ahead of Wednesday's production meeting, all eyes are on the cartel which is responsible for around 40 pct of global oil exports.
Investors have been pricing in a production hike since oil touched 99.11 usd in New York last Monday, heightening fears near record crude costs could tip a battered economy into recession.
However, with prices showing their largest ever weekly fall since then, and with fears a global slowdown could dampen demand for oil, OPEC's production decision is looking far from clear.
Read Full Article from CNNMoney.com
- Posted: 2007-12-03 10:01:44
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