Oil drops after OPEC defers production cut
Posted: 08:53 AM ET
By Kenneth Musante
CNNMoney.com
NEW YORK (CNNMoney.com) — Oil prices fell more than $3 a barrel Monday
after OPEC said it would wait until its next scheduled meeting in mid-December
to take action against falling prices.
U.S. crude for January delivery slipped $3.02 to $51.41 a barrel in
electronic trading.

The Organization of Petroleum Exporting Countries, a coalition of nations
that produce about 40 percent of the world’s oil, held an emergency meeting in
Cairo this weekend to discuss the global decline in demand that has driven
crude prices down more than $95 a barrel from $147.27 in July.

“The price of oil is going to remain under pressure until they actually
do that cut,” said Michael Davies, head of research with Sucden (UK), Ltd. in
London.