Agency Cuts Oil-Demand Forecast

But he just loves this country too much not to

(NEWSER) - Donald Trump was quite the braggart on CNN’s State of the Union today. Highlights from Politico:

• Trump is better than Romney: “Mitt Romney is a basically small-business guy, if you really think about it,” Trump said , adding that he is “much bigger than this man and have a much, much bigger net worth. I mean my net worth is many, many, many times Mitt Romney.”
• And his company is, too: “I've built a great company. And one of the beauties of, frankly, if and when I announce, some time prior to June, you will see how big my company is, because it's much bigger and much more powerful and much stronger than anyone really knows.”

(NEWSER) - Oil approached $41 a barrel today after OPEC said it would cut its output if necessary to stabilize prices, Reuters reports. “I think we still need more action,” OPEC’s secretary-general said, promising the cuts would be more thorough than many expected, with 80% compliance among the 12-member group. More»

(NEWSER) - OPEC has approved a cut in output of 2.2 million barrels of crude a day, the largest reduction ever, MSNBC reports. The consortium believes that stabilizing prices now by decreasing supply will guard against a price spike when consumer confidence increases. OPEC’s monthly report predicts that demand will have fallen 700,000 barrels in 2008, and will decline by twice that amount in 2009. More»

OPEC expected to slash production to push up prices

(NEWSER) - Oil prices continue to plunge as demand slackens amid the global economic downturn. Oil has dropped 19% drop this week, the biggest weekly decline in five years, reports Bloomberg. Prices have tumbled 70% since reaching a record $147.27 in July, and some predict prices may dip as low as $25 a barrel. OPEC will announce a cut in output at its next meeting Dec. 17, according to a spokesman. More»

(AP) - Oil prices dipped below $60 a barrel tonight for the first time in about a year and a half, as a growing number of economic reports point to a long and painful recession. Light, sweet crude for December delivery fell to $59.97 in New York trading, the lowest level since March 2007, before ticking back up to $60.27. More»