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Day Forex System Trading Unexpected news that the Organization of Petroleum Exporting Countries will reduce oil production before winter sent the markets down sharply during Wednesday's trading session.

oil production could plateau, some industry leaders believe, setting the ne yellestage for a period marked by energy shortages and high prices. OPEC's Divisions Rise to Surface As high crude prices fuel the economic boom in oil capitals, they're reigniting old divisions within OPEC, stirring doubts about the cartel's role

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gallons (an amount equivalent to roughly 18% more barrels of oil than the U.S. imports from Gulf State Members of OPEC).

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Granby, the oil and gas exploration and production company, has announced a new drilling operation at the Watling gas prospect.

Day Strategy Trading September 24, 2003 (CNSNews.com) - Unexpected news that the Organization of Petroleum Exporting Countries will reduce oil production before winter sent the markets down sharply during Wednesday's trading session.With investors still concerned about the recent weakness of the dollar, OPEC's decision to lower oil production by 3.5 percent starting in November doomed any chance that stocks would gain ground in mid-week trading.The Dow Jones industrial average dropped 150.17 points to 9,425.87. The Nasdaq Composite index also fell, shedding 57.14 points to end the day at 1,844.58, and the Standard & Poor's 500 index retreated 19.80 points to 1,009.23.

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Day System Trading Analysts quickly became concerned that higher energy prices from OPEC, which produces about one-third of the world's crude oil, just as demand begins increasing for the winter months, could undermine consumer spending and corporate profits.

Day Signal Trading The OPEC announcement "caught everyone by surprise," said Peter Dunay, chief market and options strategist at Wall Street Access brokerage in New York City. "Higher oil prices are a tax on the economy."

Day Rule Trading In response to the OPEC decision, crude oil for November delivery in New York trading increased $1.11 to $28.24, which is well above the four-month low of $26.65 set just this past Friday.

Day Tip Trading Media stocks also pulled back after Viacom, Inc., owner of CBS and MTV, cut its full-year earnings forecast since local advertising didn't increase as much as had been anticipated. Viacom's drop triggered losses by the Walt Disney Co. and AOL Time Warner, Inc.Overseas markets were mixed on Wednesday. Japan's Nikkei stock average and Britain's FTSE 100 ended the day up slightly, while France's CAC-40 and Germany's DAX index slid a bit during mid-week trading.

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