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NEW YORK — Oil prices fell Tuesday after OPEC powerhouse Saudi Arabia said oil production would be cut by 2 million barrels per day to stem declining crude prices.
OPEC, expected to slash production levels today, has hinted that it may have to “shock” markets to stabilize prices. But oil traders and brokers appear to have expected talk of an even bigger cut.
“OPEC has been sending signals to the market for weeks saying a major production cut is on the way,” said Phil Flynn, analyst at Alaron Trading Corp.
Light, sweet crude for January delivery fell 91 cents to settle at $43.60 a barrel on the New York Mercantile Exchange on Tuesday.
