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Stocks Tumble After OPEC Announces Cut in Oil Production
Company Online Stock Trading Unexpected news that the Organization of Petroleum Exporting Countries will reduce oil production before winter sent the markets down sharply during Wednesday's trading session.
By Voanews OPEC oil ministers have agreed to prop up sliding oil prices by cutting production by one million barrels a day. If you would like to receive late breaking news on oil & gas stocks covered by AXcess News then you need to subscribe. By joining, box first.Print This Page Dec 10, 2004 (AXcess News) OPEC oil ministers have agreed to prop up sliding oil prices by cutting production by one million barrels a day.
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to do with fundamentals. According to him, oil supplies are adequate, Saudi Arabia’s production capacity is increasing on schedule, and a potential OPEC production increase will be on the table December 5 at a meeting of oil ministers. He further maintains that OPEC has very little direct control over the price of oil, which is influenced by a myriad of market forces (such as OPEC supply, the U.S. dollar and geopolitical tension), and has not
Stock System Trading September 24, 2003 (CNSNews.com) - Unexpected news that the Organization of Petroleum Exporting Countries will reduce oil production before winter sent the markets down sharply during Wednesday's trading session.With investors still concerned about the recent weakness of the dollar, OPEC's decision to lower oil production by 3.5 percent starting in November doomed any chance that stocks would gain ground in mid-week trading.The Dow Jones industrial average dropped 150.17 points to 9,425.87. The Nasdaq Composite index also fell, shedding 57.14 points to end the day at 1,844.58, and the Standard & Poor's 500 index retreated 19.80 points to 1,009.23.
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Stock Investing Game Analysts quickly became concerned that higher energy prices from OPEC, which produces about one-third of the world's crude oil, just as demand begins increasing for the winter months, could undermine consumer spending and corporate profits.
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Market Stock Trading The OPEC announcement "caught everyone by surprise," said Peter Dunay, chief market and options strategist at Wall Street Access brokerage in New York City. "Higher oil prices are a tax on the economy."
Online Stock Trading Canada In response to the OPEC decision, crude oil for November delivery in New York trading increased $1.11 to $28.24, which is well above the four-month low of $26.65 set just this past Friday.
Stock Investing Basics Media stocks also pulled back after Viacom, Inc., owner of CBS and MTV, cut its full-year earnings forecast since local advertising didn't increase as much as had been anticipated. Viacom's drop triggered losses by the Walt Disney Co. and AOL Time Warner, Inc.Overseas markets were mixed on Wednesday. Japan's Nikkei stock average and Britain's FTSE 100 ended the day up slightly, while France's CAC-40 and Germany's DAX index slid a bit during mid-week trading.
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