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

OPEC members send mixed price signals

Posted on 05 October 2012

Top oil-exporting nations Thursday sent conflicting signals to the oil market, with No. 1 exporter Saudi Arabia appearing to try to nudge prices lower while neighboring Iraq said it favors an oil price around the current level of $100 to $120 a barrel.
Both nations belong to the Organization of Petroleum Exporting Countries, which collectively produced more than a third of the oil consumed world-wide in the second quarter. But while key oil producers express differing views on where the oil price should be, major consumers are adamant that oil prices need to fall to avoid jeopardizing the global economy………………………………………..Full Article: Source


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