Economic Fears Slice Oil Prices for Second Day

[vil]

Dear teachers,

Would you be kind enough interpret the word in bold in the following NYT’s title “Economic Fears Slice Oil Prices for Second Day” without reading the whole article? Could you show me in plain English the proper definition or synonym of “slice” for the present case?

Concerns about a slowing economy and rising inflation pushed oil prices down sharply for a second day on Wednesday, an unusual dip in the oil price rally that began more than six years ago.

The two-day decline totaled more than $10.50 a barrel, but analysts cautioned that it was still unclear how far prices would fall and that the respite may be temporary.

Thank you for your efforts.

Regards

V.

[Ouisch]

In this context, "slice" means to cut or reduce.

[vil]

Hi Oisch,

Thank you for your categorical indication.

slice = cut = cut back = reduce as in, cut the oil price; cut a payroll; cut a budget; cut the cooking time in half.

Thank you again for your helpful reply.

Regards

V.