Oil Prices Drop to 20-Month Low


Oil prices fell to their lowest level in 20 months on Tuesday, despite efforts by the OPEC cartel to stem the slide, as weak economic growth continued to reduce consumption around the world.

Lower energy prices are providing some welcome relief for strapped consumers, but a 59 percent decline in oil prices since their summer peak also shows how radically the prospects of the global economy have darkened in recent months.

At an emergency meeting last month, members of the Organization of the Petroleum Exporting Countries agreed to reduce their output, as of Nov. 1, to slow the price slide.

(Via NYT)

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