Crude oil dropped 70 cents to $39.36 a barrel in midday trading today. Around the same time, the Organization of Petroleum Exporting Countries (OPEC) announced a production cut of 2.2 million barrels per day.
Oil prices have slumped more than $100 since closing at a record $145.08 a barrel in July.
Source: MSN Money,Oil prices dip below $40
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