Crude prices continue downward spiral
OPEC daily basket price stood at $88.32 a barrel Wednesday, 8 October 2014
Crude prices since then have gone into free fall, following a series of dour reports on economic growth in China, Japan and Europe. Nymex crude futures closed Wednesday at $87.31
The share-price of U.S. energy firms has gone south, due to slowing global growth and falling crude prices
Shares of Exxon Mobil Corp. XOM -0.92% are down 8.9% since June 20 and Halliburton is down 14% reflecting investor fears that the global economy will weaken further.
Opec is due to meet for its final quota setting gathering of the year in Vienna on November 27.
Prices could slide further amid a glut in production and more oil entering storage in the US.