Business News
OPEC oil price sheds gains, drops below 50 dollars
Mar 31, 2009, 8:57 GMT
Vienna - The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) shed last week's gains Monday and fell below 50 dollars, the group announced Tuesday.
The price for one barrel (159 litres) of OPEC crude dropped to 47.72 dollars at the start of the week, down from 50.41 dollars last Friday.
OPEC's oil price had climed from 48.77 dollars since March 20.
The Vienna-based oil cartel calculates a basket price based on 12 brands produced by its members.
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BR--------Raised in New York City--------Mar 31st, 2009 - 18:55:32
Let this fact forever dominate this industry. Demand will have it's say and we, consumers have spoken loud and clear. To you producers of oil as a source of energy: Stop gouging us if you expect us to buy much of your product. STOP LYING. STOP 'PROJECTING' SUPPLY LEVELS BASED ON OTHER LIES.
We will severely limit our purchasing and we will live WITHIN OUR LIMITS. Today's drop to under 50.00 dollars US will be repeated over and over again until you learn to use a measured approach to selling your product instead of emotions, revolutions and all your other carefully choreographed manipulations of real value pricing. Imagined and artificially structured pricing by arabs or anyone else for that matter WILL fail. YOU WILL NOT BE THE DECISIONMAKERS---WE WILL.
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