Oil dips 4.5% on OPEC decision
China Daily | Updated: 2009-03-17 07:44
Oil fell 4.5 percent to around $44 a barrel yesterday after OPEC decided to leave existing output targets unchanged.
OPEC agreed on Sunday to enforce existing output curbs more strictly, rather than introduce new ones, to help heal the economy even though crude oil inventories have remained relatively high and fuel demand has been slow.
US light crude for April delivery fell $2.09 to $44.16 a barrel by 09:51 GMT. London Brent crude fell $2.01 to $42.92.
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