This BBC article covers yesterdays announcement by OPEC that its cartel will cut its supply of oil by 2.2 million barrels per day starting in January 2009.This decision has been made to try and increase the price of oil from its current price of under $50 per barrel. (Remember that oil was priced at nearly $150 per barrel just 6 months ago in July 2008!)
Q) Read the article and explain why, despite the announcement, the price of oil fell to under $40 per barrel yesterday.
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