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Commodities Briefing - Categorized | Oil, Price Watch, Trading more

Oil trades near four-month high as OPEC sees no price collapse

Posted on 29 January 2013

Oil traded near the highest level in four months in New York on signs of economic growth in the U.S. and after OPEC Secretary General Abdalla El-Badri said prices are unlikely to drop this year. Futures were little changed after climbing 0.6 percent yesterday. U.S. durable goods orders last month rose by more than the highest forecast in a Bloomberg survey, Commerce Department data showed.
Federal Reserve policy makers start a two-day meeting today to discuss continuing asset purchases to boost the economy. The oil market is well-balanced and the Organization of Petroleum Exporting Countries doesn’t “envision a price collapse” in 2013, El-Badri said in London………………………………………..Full Article: Source


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