Oil prices dropping to just below $60 a barrel Friday may not warrant action by the Organization of Petroleum Exporting Countries when the group next meets in September, a senior Kuwaiti oil official said Sunday. "Action is not just related to prices but supply and demand and other factors," said Nawal Al Fuzaia, assistant undersecretary of economic affairs at Kuwait's oil ministry. Nymex front month crude oil futures Friday slid $0.52 to settle at $59.89 a barrel, the lowest price since May 19, and down about 60% on the intraday.....Complete Story
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