Opec set to cut oil supplies after weakening demand sparks sharp price fall

OIL cartel Opec is expected to reduce supplies next month following a sharp fall in crude prices on Friday.

The value of US crude fell 5.5% to $114.59 a barrel

Analysts put this drop down to rising supply levels and weakening
global demand. They said this may lead Opec to cut the flow of oil when it meets in Vienna on September 9. The cartel is the source of about a third of the world’s capacity.