Stock Trader Larry

Feb. crude down 6.7% to $41.60, while Jan. contract plunges 9.7% to $36.15. OPEC output cut notwithstanding.

The expectations were for OPEC to announce a cut in production of 2 million barrels and that is exactly how Oil was trading prior to the announcement. That is, with those expectations. If OPEC had cut more than what was expected, OIL probably would have had a reason to rise. Since they only met expectations and OIL was already trading to that effect, that is cause for the sell off and will probably continue to put near term additional downward pressure on prices.
That's okay with me though, I don't mind the lower prices.