OPEC to hold emergency meeting on oil prices

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.)


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