PD
Moderator
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Message Posted: Nov 10, 2009 5:30:45 PM
In a rare move, OPEC this morning announced that they're looking into options to increase production of oil if prices remain steady. The move is likely to reinforce a price ceiling for oil, which has rallied to $81 today, and ensure that the world's largest economy can rally upon affordable energy. OPEC's announcement may actually hurt oil prices as the announcement can be seen as a reminder that oil supply will remain adequate.
Oil prices have rallied from under $70 just weeks ago, most recently closing above $80 per barrel as a result of increased year-on-year demand, a weak U.S. dollar, and large draws of gasoline from stockpiles. Gasoline prices have also rallied as oil has climbed.
The latest GasBuddy data shows the ...
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