OPEC may set $80 as oil price floor, analysts say

02/8/2008 | Bloomberg1

Slower energy demand is causing oil prices to fall to the point that OPEC may cut production to keep prices above $80 a barrel, Bloomberg News reports. "Getting closer to the March meeting, if we're in the $80 to $85 range and there is still downward pressure, then they would defend aggressively," said Victor Shum of oil consulting firm Purvin & Gertz Inc.

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