Oil steadies but still at 6.5 year lows

Oil steadies but still at 6.5 year lows

Oil steadies but still at 6.5 year lows Oil prices have rallied slightly overnight with China’s interest rate cut having an impact. Prices are still at near 6.5 year lows though and high production levels from OPEC and the US together with weakened Asian demand is likely to see some further decline. EIA information is due Wednesday on US stockpiles and experts say that it is not looking likely that OPEC will hold an emergency meeting ahead of its scheduled convention on Dec. 4.