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Commodities Briefing - Categorized | Oil, Price Watch more

Oil trades near $47 after surging as OPEC weighs production cut

Posted on 13 March 2009

From Bloomberg: Crude oil traded near $47 a barrel in New York, after posting the biggest gain in three weeks yesterday, as OPEC prepares to meet this weekend to consider a fourth production reduction.

The global oil market is oversupplied and OPEC will cut output if needed, Shokri Ghanem, who chairs Libya’s state-run National Oil Corp., said yesterday. Other ministers have called for the group to halt reductions….. Full Article: Source


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VRS - who has written 34624 posts on Opalesque Commodities Briefing.


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