Source: CCTV.com

10-10-2008 12:39

Special Report:   Global Financial Crisis

Oil prices closed at their lowest level in a year on Thursday falling below 85 US dollars a barrel, even after OPEC signaled that it may tighten production in an effort to slow the downward spiral.

A police officer stands guard on the rooftop of Vienna's OPEC headquarters before the start of a meeting of OPEC oil ministers in Vienna September 11, 2006. (Leonhard Foeger/Reuters)

Fearing that oil prices could fall too far and harm their petroleum-dependent economies, OPEC is set to hold a meeting on November the 18th in Vienna.

It will look at the widening economic crisis, as well its effects on the oil market. The 13-member cartel has made no mention of a cut in production. But it has hinted of the possibility of such a move.

Light, sweet crude for November Delivery fell 1.81 dollars to settle at 86 dollars and 62 cents a barrel on the New York Mercantile Exchange, the lowest closing price since October the 15th last year.

The massive losses come as the global financial downturn is forcing cutbacks for huge numbers of businesses and individuals.

 

Editor:Xiong Qu