While Malaysia KLCI didn’t follow the bullish momentum of dow jones on thursday, i think it will not be able to perform as well today, friday even though dow jones has breached 12,000 mark for the first time … this is supported with the latest news of opec in cutting the precious black-gold production …
opec surprises with deeper oil cut when agreed on friday to curb its output by 1.2 million barrels per day, its first cut for more than two years, to halt a precipitous fall in prices …
the reduction, amounting to 4.3 percent of opec’s september production, was deeper than anticipated and the biggest since january 2002 … it trims opec output to 26.3 million bpd from november 1 …
some ministers said a further cut of 500,000 bpd could follow when opec next meets in abuja in december, to address high fuel stocks in consumer countries, particularly the united states, and a projected drop in demand for opec oil in 2007 …
October 20th, 2006 by financetwitter
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