OPEC Producers asked to Lower Crude Oil Output
Posted on 25. Feb, 2009 by admin in Crude Oil
Crude Oil prices rose again yesterday as the U.S. stock market advanced, signaling that fuel usage in the world’s biggest energy-consuming country may rebound. Moreover, the Organization of Petroleum Exporting Countries (OPEC) may begin to cut output by 3.8% a day in February in order to stabilize prices.
However, traders should be eyeing news of key U.S. economic indicators, including a government report on Crude Oil Inventories due today. Worries that weakened international economic growth will depress Oil demand remains a key dampening influence on Oil prices. If the global economic condition deteriorates more aggressively, Crude Oil prices may extend their decline faster than expected.
