Oil Trades Above $102 After Falling Dollar Spurs Commodity Buys
Assessment: Commodities will continue to surge as the Fed cuts interest rates, deflates the US Dollar and oil producers (OPEC) limit oil production.
Crude Oil Rebounds as OPEC President Rules Out Production Boost
Crude oil recovered earlier losses as OPEC ministers excluded the possibility of an output increase at tomorrow's meeting in Vienna.
The Organization of Petroleum Exporting Countries will not alter its output ceiling tomorrow even after oil surged to a record $103.95 a barrel yesterday, according to OPEC President and Algerian Oil Minister Chakib Khelil. Iranian Oil Minister Gholamhossein Nozari said his country would support a decrease in production.
Crude oil for April delivery traded at $102.48, up 3 cents, in electronic trading on the New York Mercantile Exchange at 11:40 a.m. Earlier, the contract fell as much as 68 cents, or 0.7 percent, to $101.77.
Brent crude for April settlement was at $100.62 a barrel, up 14 cents, on London's ICE Futures Europe exchange at 11:42 a.m. in London. The contract rose 38 cents to close at $100.48 yesterday after reaching a record intraday price of $102.29 a barrel.
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Labels: commodities, inflation, oil shortages
posted by Victor Lloyd Smith @ 7:54 AM
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