Oil prices set to add fuel to the recession?

OPEC is about to cut oil production again, or at least that is the rumor. According to the Associated Press, "Oil prices rose to above $46 a barrel Monday in Asia as investors anticipated another OPEC production cut will shrink global supplies."

When three production cuts did not help move oil prices up late last year, the cartel was faced with the humiliation that it could not affect crude by taking decisive action. The need for oil was simply dropping too fast to allow the cut in supply to mean much. Oil prices fell toward $30.