Brent Crude is trading below $100 per barrel
Forbes reports that OPEC will not be halting the slide in the price of oil at this time. They did not reduce production quotas.
"Even with this cutting back on production, the data says we're going to have a big inventory build coming up," said Simon Wardell, analyst with Global Insight, citing slowing demand in tandem with the world economy. He predicted a short-term bounce for oil prices on the back of Wednesday's news, as well as some ripples from the effect of hurricane season on facilities in the Gulf of Mexico, but expected oil prices to end the year around $100 per barrel.