Weaker Opec members panic as oil slide continues
The IEA says the glut in global supplies could last until the end of 2016
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London
WEAKER members of the Organization of the Petroleum Exporting Countries (Opec) are appealing to Saudi Arabia to cut oil production following an eight-week price slide to the lowest levels since the financial crisis of 2008.
Brent Oil was trading at US$46.4 a barrel on late Friday, wiping out the first-half 2015 rally to US$60 and 59 per cent below its 2014 peak of US$112. West Texas Intermediate (WTI), down 62 per cent from the 2014 peak, tumbled to US$41.2 and is close to the psychological level of US$40.
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