OPEC Denies it will Cut Output

Excerpt from our One-Page WSJ Summary:

COMMODITIES: Crude Prices Decline Below $63; OPEC Quashes Talk of Output Cut

Summary: Despite the recent drop in oil prices, OPEC denied any intention to cut production. Oil prices reacted positively to the news, dropping $0.20/barrel yesterday to close at $62.76/barrel. In other commodity markets, the November natural gas futures contract fell $0.277/million BTU, but December wheat futures rose to a four month high of $4.455/bushel.
Related links: Full WSJ article • OPEC Keeping Its Eye on Prices • OPEC: Lemonade Cartel • The Significance of Oil's Drop Under $60 • Oil vs. Dow: 1987 Deja Vu All Over Again? • Cheaper Oil's Downside (Part I) • Cheaper Oil's Downside (Part II) • BusinessWeek: The Downside Of Cheaper Oil
Potentially impacted stocks and ETFs: Oil majors: ExxonMobil Corp. (XOM), ConocoPhillips (COP), Chevron Corp. (CVX), BP PLC (BP) and Royal Dutch Shell (RDS.A) • ETFs: U.S. Oil Fund ETF (USO), Oil Service HOLDRs ETF (OIH).

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