OPEC primes the pump; prices slip.(Organization of Petroleum Exporting Countries meeting results in lower crude oil prices and renewed optimism about inflation)(Brief Article)

From: U.S. News & World Report | Date: December 15, 1997| Author: | Copyright information

It's a sign of the disinflationary times that when members of the Organization of Petroleum Exporting Countries get together these days they drive the price of oil down, not up.

Last week, the cost of crude oil fell nearly $1 a barrel to $17.90, its lowest level in over a year. The price had already fallen by about $2.50 a barrel in the previous few weeks in anticipation of the meeting. Economists hailed the latest drop in price as another reason to cheer about the already muted inflation outlook. ...

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