Crude oil traded this morning to a five week low as fears intensify over the expected increase in daily production by OPEC which is expected to be announced at the December 5th meeting. Traders at the CBOE are also worried about an expected slowdown in the U.S. economy heading into 2008.

One trader told Crude Oil Futures Blog that there still a perception on the floor that another shoe will drop in the real estate market which will slow growth in the first half of 2008.

The Street is hoping that OPEC will increase production by 500,000 barrels per day but the Saudi oil minister said last week that the sentiment is to maintain production levels where they are.