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| Version 0 | Version 1 |
|---|---|
| Oil prices decline still further | Oil prices decline still further |
| (about 7 hours later) | |
| Oil prices are continuing recent falls, dragged down by the expectation that turmoil in the global financial sector will lead to a wider economic slump. | Oil prices are continuing recent falls, dragged down by the expectation that turmoil in the global financial sector will lead to a wider economic slump. |
| With demand already falling, US light crude was down $3.73 cents to $74.90 a barrel on Wednesday, its lowest level for 13 months. | |
| Brent crude was also lower, dropping $3.56 cents to $71.04. Back in July, oil prices hit a record $147 high. | |
| The world's major oil producers are now likely to further cut production. | The world's major oil producers are now likely to further cut production. |
| 'Global situation' | 'Global situation' |
| Members of the 13-nation Organization of the Petroleum Exporting Countries (Opec) have already hinted that output will be cut following their next meeting in November. | Members of the 13-nation Organization of the Petroleum Exporting Countries (Opec) have already hinted that output will be cut following their next meeting in November. |
| Opec has already lowered output following its September meeting, as it aims to shore up prices in the face of the falling demand. | Opec has already lowered output following its September meeting, as it aims to shore up prices in the face of the falling demand. |
| "The situation of the global economy is the main reason for the price drop," said Iranian Oil Minister Gholamhossein Nozari. | "The situation of the global economy is the main reason for the price drop," said Iranian Oil Minister Gholamhossein Nozari. |
| Opec comprises Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. | Opec comprises Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. |