Oil prices slumped to below $100 a barrel today ahead of the start of today’s Opec meeing in Vienna, putting more pressure on the oil producers’ cartel to cut supply to the markets.

The fall to $99.56 a barrel takes the price of crude to a five-month low and below the pyschologically significant $100 a barrel level, which was last seen in April.

However, most analysts believe that the oil producers will elect to maintain the current level of production, which is favoured by Saudi Arabia, the biggest producer in the cartel.

 

continue    http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article4714253.ece

 

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