With an oversupply of oil on the market and OPEC afraid that higher prices will impair the U.S. recovery and sap demand, the fundamentals point to an oil price drop in the near term. Yes, markets move on emotion, and fears abo…
As crude prices keep inching upward, the threat to both the U.S. and global economy is clear. While OPEC says don’t blame us, the Interational Energy Agencys says: “This is a wake-up call to the oil-consuming countries and to t…
Oil prices kept rising this weekend as a blizzard smacked into the Eastern Seaboard of the U.S. and as OPEC’s Arab ministers met in Cairo to discuss strategy. Their call is for production to stay at current levels, which will h…
Some OPEC members want oil prices to rise to $100 a barrel to offset the decline in the dollar.
The value of the dollar, which has slipped 13% since June against major world currencies, means that the “real price” of oil is about $20 less than current levels, Venezuela’s Energy and Oil Minister Rafael Ramirez said after Thursday’s OPEC meeting in Vienna.
OPEC, which accounts for…
Continue reading Some OPEC Members Push for $100 a Barrel Oil
Some OPEC Members Push for $100 a Barrel Oil originally appeared on DailyFinance on Fri, 15 Oct 2010 07:57:00.
Filed Under: Energy, Technology, Green, Market News
Crude oil prices moved above $83 Monday — from just above $70 only two months ago. There are a number of causes for the increased price of crude, among them the growth in demand for oil in China.
Continue rea…