Crude oil rose for the first time in seven days in New York after the Organization of Petroleum Exporting Countries’ president said there was consensus for a “significant” production cut when the group meets next week.OIL MIGHT SOAR ALL THE WAY UP TO...$50! BWAHAHAHA. EFF EM.
A “severe” cut may be needed to halt the decline in prices, group president Chakib Khelil told the Associated Press in a Dec. 6 interview. Slowing world economies will trim global demand growth to 0.2 percent next year, the International Energy Agency said Dec. 5.
Crude oil for January delivery rose as much as $1.33, or 3.3 percent, to $42.14 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $41.81 at 10:13 a.m. Sydney time.
Oil fell 25 percent last week, the biggest weekly decline since the Persian Gulf war of 1991...
BTW: THE CUTS WON'T WORK: MEMBERS WILL CHEAT. BWAHAHAHA!
Unfortunately, when the grass was green and tall, the OPEC members bought up the place, now have to pay the piper, can't cut output, need the scarps to just stay afloat --- BhwaaaHaHaHaaaa
ReplyDeleteVenezuela the latest failed socialist paradise now has the state oil company handing out weekly milk rations. Hey at least the peasants aren't out building roads.
Who was it that said "we will never see oil below a $100 barrel in our lifetime ... Bet he regrets that stupidity. Didn't he just shelve his wind farm plans as well.
RIGHT ON 10K!
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