Oil prices slump below $39 even as OPEC production cuts move past 4 million barrels a day
NEW YORK (AP) -- Oil prices tumbled below $39 a barrel Monday as traders shrugged off reports that OPEC had slashed production, focusing instead on falling stock prices.
Light, sweet crude for April delivery for April delivery fell 4 percent, or $1.59, to settle at $38.44 a barrel on the New York Mercantile Exchange. Prices got an early bump on reports that the Organization of Petroleum Exporting Countries had made good on a pledge to cut production by more than 4 million barrels per day.
Before noon in New York, however, prices retreated below $40, where they had spent all of last week. Brent crude fell 91 cents to settle at $40.99 on the ICE Futures exchange in London.
"Reality has set in," said Andrew Lebow, senior vice president and broker at MF Global. "Demand is soft. Chinese imports are down. And everybody has their eyes glued on the equity markets." more...
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