OPEC inaction brings oil prices 10% down

OPEC inaction brings oil prices 10% down
# 02 December 2008 08:29 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. U.S. crude settled down $5.15 at $49.28 a barrel while London Brent crude fell $5.52 to settle at $47.97 a barrel.
Oil sharply declined after OPEC deferred a decision to cut supplies until a Dec. 17 meeting.
The National Bureau of Economic Research said the U.S. economy slipped into recession in December 2007 and added the downturn could be the worst since World War Two.
Federal Reserve Chairman Ben Bernanke warned on Monday that the U.S. economy remained under considerable strain and said policy makers must be ready to take decisive action to protect jobs and growth.
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