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Oil Price Falls on OPEC Discord

December 14, 1987|Reuters

NEW YORK — Oil prices fell more than 5% today, touching 10-month lows, as discord at an Organization of Petroleum Exporting Countries meeting in Vienna raised fears that the oil cartel was losing its grip over world oil prices.

A barrel of oil for delivery next month opened down almost $1 at $17.35, the lowest spot price in almost 10 months. Some buying, much by traders buying the cheaper oil to replace stocks sold earlier at higher prices, caused a rebound to $17.50, still 81 cents below Friday's close.

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