Oil falls below $63 - Spokane, North Idaho News & Weather KHQ.com

Oil falls below $63

VIENNA, Austria. - The negative mood gripping stocks worldwide is sending oil prices to a 17-month low. Prices dropped below $63 a barrel this morning, despite OPEC's decision to cut production next month in order to push those prices up.

A research report in Austria says oil is being driven by the international financial crisis and not by the oil cartel.

Prices could drop even lower. A strategist in Australia says weak U.S. or European economic data could further weaken the price.

In tandem with that, investors have been watching Americans cut back on gasoline use amid the slowing economy and high prices at the pump.

The United States is the world's largest oil consumer.

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