The Crude Oil prices in New York fall below $34 for a barrel. The falling oil prices are caused by the world financial and economic crisis. The world biggest oil consumer United States continue to store oil at low prices. With the rises of reserves the price of the oil continue to fall. OPEC announced that the prices would be necessary to raise and signal that is ready to cut the oil supplies in March. After the OPEC news the oil prices jumped with more than $4 to $38.02. The oil prices may continue rise because OPEC may cut the oil production earlier than March if the prices fall as low as $35. OPEC will target prices in the range of $42-$50 said Scott Brown by But the prices may continue down to $34 again this week as the OPEC meeting in March is far away.