OPEC said to cut production

OPEC will reportedly hold an emergency meeting this weekend to discuss how to support the oil price. However OPEC denied there will be a meeting this weekend and said that the ministers will continue to monitor the market as usual. They are ready to do something if necessary. However, the oil minister of United Arab Emirates announced that OPEC have to take action before its next meeting, scheduled for November 14. The oil price advanced by the news. November New York oil future up US 55 cents or 2.5% and ended at US$22.63 a barrel. December Blent oil future closed at US$22.36 per barrel, up US 50 cents or 2.3%.

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