Opec cuts but crude price slips

The following is from Forex News as things get worse: - OPEC Cuts Crude Output By 1.5 Million Barrels Per Day: In an extraordinary meeting, OPEC slashed production output by 1.5 million barrels per day in an effort to slow the sharp decline in crude oil prices. "The financial crisis is already having a noticeable impact on our world economy, dampening the demand for energy, in general, and oil in particular. This slowdown in oil demand is serving to exacerbate the situation in a market which has been oversupplied for some time," according to a statement explaining the move. Nevertheless, crude continues to move lower with WTI oil down nearly 6% at $63.78 at 7 a.m. EDT.