Slight drop in OPEC crude price ahead of Friday meeting
Submitted by Marina Dimova on Wed, 10/22/2008 - 09:18.
The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell by 0.31 dollars Tuesday, even though cartel members have indicated they might cut production at their meeting on Friday in Vienna.
One barrel (159 litres) of OPEC crude stood at 64.32 dollars Tuesday, down from 64.63 dollars on the previous day.
Analysts expect OPEC to lower production by at least 1 million barrels per day on Friday, as slowing demand has dragged down oil prices.
The cartel calculates an average basket price based on 13 important brands produced by its members.
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