Oil Falls Below $70

By: Associated Press Email
By: Associated Press Email

Singapore (AP) Oil prices have fallen below $70 a barrel in Asia.

Investors seem less concerned with a looming OPEC production cut now that company forecasts suggest the U.S. may be headed for a severe economic slowdown, which would drive down demand for oil.

Midday prices in Singapore dropped to $69.45 a barrel, even though OPEC is likely to announce a cutback in oil production at an emergency meeting Friday.

But since OPEC members also have a history of exceeding their production quotas, some traders are skeptical about how much of the cut will be implemented.

Oil is down 52 percent since mid-July, when prices climbed above $147 a barrel.

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