NEW YORK (AP) -- OPEC will hold an extraordinary meeting Nov. 18 to discuss how the widening global financial crisis is affecting oil prices.
In a statement Thursday, the Organization of The Petroleum Exporting Countries said it's concerned about how the crisis is hampering global economies and world oil markets.
Oil prices have fallen about 40 percent since soaring to a record $147.27 on July 11 as a global financial downturn forces people and businesses everywhere to cut back on energy use.
Analysts have predicted OPEC might use the meeting to announce a production cut in a bid to keep prices from falling further.
Light, sweet crude for November Delivery fell another $1.85 to $87.10 a barrel in midday trading on the New York Mercantile Exchange.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.