LONDON (AP) -- Crude Oil prices have fallen sharply, dropping below $65 a barrel today despite OPEC's decision to cut production quotas.
Weakening global demand for crude amid the world's financial woes has softened the impact of OPEC's announcement that it's cutting production by 1.5 million barrels a day, starting next month.
Light, sweet crude for December delivery fell $3.44 to $64.40 a barrel in electronic trading in Europe.
The size of the OPEC cut reflected concerns within the cartel that the bottom appears to be falling out of the market. OPEC accounts for 40 percent of global oil supply. Crude is selling for 50 percent less than this year's historic highs because the worldwide economic crisis has put a huge crimp in demand.
