Opec lacks commitment in defending price range

Oil prices are weakening globally following the events of 11 September, as some 6% of total oil consumption relates to aircraft travel, according to Ian Henderson, fund manager at JP Morgan Fleming Asset Management. Henderson says the reason oil prices have become weak post the terrorist attacks is the perception that people will now travel less. As a result, Opec oil prices have fallen to $21, which is below the recent $22-$28 trading range. When prices fall below this range, Opec generally takes action within 10 days to adjust production and bring the prices back into line. As at 22 Oct...