CNN reports on the
Oil prices on Wall St. Since surging to a record $147.27 a barrel on July 11, crude has tumbled by over $40, or more than 27 percent. It's now at $106.23 a barrel but was at $106.23 a barrel during the day.
OPEC is worried and is meeting next week in Vienna in response to the two-month plunge in prices. They don't want it to fall below $100 a barrel. But cutting back probably won't stop the plunge.
[W]ith the dollar on the rebound, many analysts say even a production cutback could prove ineffectual in boosting oil prices.
The dollar weakened modestly against the euro and pound on Friday after the employment report, but rose against the yen. The dollar's recent comeback has helped accelerate oil's price decline.