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Commodities Briefing - Categorized | Market Moves, Oil, Price Watch more

OPEC urged to boost oil production as prices soar

Posted on 05 May 2011

As oil prices hover near two-and-a-half-year record highs, there are renewed calls for OPEC countries to boost supply to help bring down prices. But a Washington think tank argues OPEC is unlikely to budge because Saudi Arabia needs high oil prices to offset its burgeoning spending program, AFP reported.

Crude has soared past $110 a barrel, average gasoline prices are nearing $4 a gallon and heating oil is still at near record levels despite warmer weather……………………………………….Full Article: Source


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