Oil prices dipped to near US$53/barrel as a result of information released by America's Energy Information Agency (EIA) on oil demand and underperforming US stock market. This decline is near US$100/barrel reduction in oil rates since July. As per the EIA data, the American crude inventory spiked by a massive 7.3 mln barrels (against a prediction of 800,000 barrels) in the week ending November 21. The US stocks showed a dismal performance following the 7% equity gains on Wednesday, Europe's injection of US$200 bln into the economy and China slashing interests rates by highest margin in more than 10 years. Going by OPEC's special meet in Cairo, the organization is considering to trim the production, and is briskly backed by Venezuela, an important OPEC member.
27-Nov-08 
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