Opec cuts and the market shrugs

摘要

THE BEARS are in command.Within an hour of Opec saying on 24 October that it would cut 1.5m barrels a day(b/d)from its output,London's front-month Brent contract had fallen by over 7% to beneath 62 a barrel for the first time in over a year.The oil-price graph appears to reflect Opec's declining influence in the face of the global economic downturn.