Oil slips below USD 56 per barrel

Reuters
Posted: Monday, Nov 17, 2008 at 1205 hrs IST
Updated: Monday, Nov 17, 2008 at 1205 hrs IST

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Oil hovers below $79 after 3-day slide Oil spikes to USD 81.26 a barrel Oil eases to USD 78.65 a barrel Oil tops $80, highest since Oct 14, 2008

Perth, November 17: : oil price range of between $70-$90 a barrel because the effect of its latest cut is not yet clear, the group's president said on Sunday.

Chakib Khelil told a press conference that he saw a meeting of OPEC ministers in Cairo on Nov. 29 as more of a brainstorming session that might formulate recommendations for action at OPEC's gathering in Algeria on Dec. 17.

The continuing fall in the oil price has prompted several OPEC members to call for a further cut in production as they face reduced revenues and a struggle to finance domestic projects.

Iran wants OPEC to cut oil output by a further 1-1.5 million barrels per day (bpd) when it meets in Cairo later this month, while Kuwait, Yemen and Libya have also voiced concern about the low oil price....

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Oil slips below USD 56 per barrel

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