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Commodities Briefing - Categorized | Market Moves, Oil more

Gulf OPEC members see no need to raise oil output now

Posted on 08 February 2013

Gulf members of the Organization of the Petroleum Exporting Countries, including top oil exporter Saudi Arabia, aren’t inclined to increase their production–even though oil prices have soared well above the $100-a-barrel price the group sees as ideal, Gulf OPEC officials said.
Brent crude prices Thursday rose slightly compared to the previous session, but earlier in the day rose to $117.83 a barrel, their highest level in more than four months. Prices for contracts on both sides of the Atlantic have rallied since the new year began, though the rise has been most pronounced in Brent………………………………………..Full Article: Source


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