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Commodities Briefing - Categorized | Market Moves, Oil more

Opec looks East

Posted on 29 October 2010

From Petroleum-economist.com: If $80/b oil is a threat to the US economy, as some analysts claim, then prepare for a rocky few months. The world’s dominant producers are in no mood to soften the market, even as it threatens to breach $85/b.
Opec’s decision to roll over existing oil-output quotas was no surprise, but it still reinforced the prevailing sentiment. Ali al-Naimi, Saudi Arabia’s oil minister, said the group was “comfortable” with prices, despite their heady level at almost $10/b more than Opec’s price target……………………………………….Full Article: Source


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