Came Tumbling Down

Oil prices have tumbled from a mid-July peak near $80 a barrel to just under $63 on a range of factors, including burgeoning U.S. inventories and slower-than-expected economic growth.

Iranian Oil Minister Kazem Vaziri-Hamaneh said last month that he wanted to see OPEC's basket of crude hold above $60 a barrel, which would equate to about $65 a barrel for U.S. crude.

"Some OPEC members, by decreasing production, are trying to prevent the slide of oil prices," Kazempour Ardebili noted.

Nigeria and Venezuela, both OPEC members, have pledged to cut production.

--- Tumbled? Not that it will "tumble" at the pump. Expect future news bytes to claim Chavez pledges to cut oil to US, out of spite ... yadayada.