Oil price slightly up on news of decreasing production of OPEC

Oil price was up on Monday after OPEC had announced daily decrease of 100 barrels but met resistance at high level.At New York the future oil transferred to Asia next month once stood at US$26.85 per barrel in electronic trade, up US$ 11 cents. But growth range narrowed gradually.Oil dealers said despite of re-decrease of OPEC, oil price would not be up obviously due to slowdown of global economy and decreasing demand on oil.OPEC is considering a new basic standard oil price to truly reflect market performance and stop groundless speculations.

Related stock : (NIL)