I found one article in Bloomberg but it is hard for me to believe it would drop 3% plus based on this:
Aaron wrote:At anything over say $35 a barrel it's pretty difficult to imagine that any producer including OPEC would cut production for any other reason than lack of supply.
It's throwing money away ...
Phil wrote:Will someone please destroy this moron who thinks oil comes from dinosaurs.
People who speak from a position of ignorance really freakin piss me off.
nailud wrote:Markets always do surprising things on a short-term basis. The 200 day moving average of the oil price is currently around $42 and rising, so if it doesn't fall much below that, the uptrend should still be intact. As far as why individual traders are bidding the price lower, perhaps some of them are just finding out that there is some escess capacity TO cut.
As of Friday, 10 Dec. 2004, at 1PM CST oil futures are dropping substantially. Why is this happening when OPEC just announced a production cut? Anyone know? Thanks in advance.
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