Crude And Equities Rise On Obama Magic
Crude oil, equities, and just about everything else was higher Monday following president-elect Barack Obama's NBC television interview Sunday reiterated his commitment to the biggest investments in the US’s infrastructure since President Dwight D. Eisenhower created the interstate highway system in the 1950s.
Crude oil for January delivery rose $2.90, or 7.1 percent, to settle at $43.71 a barrel on the New York Mercantile Exchange.
Libya’s top oil official, Shokri Ghanem, hinted that OPEC could make a "substantial" cut to output at it's Dec. 17 meeting in Algeria.
Chakib Khelil, OPEC president, said on Dec. 6 that the group may make a “severe” reduction in production to stem the 70 percent decline in prices from July’s record.
As we all know, what OPEC says & what OPEC does are frequently two very different things. However, with crude languishing around $40/barrel, maybe this time they will realise that drastic times call for drastic measures.
Crude oil for January delivery rose $2.90, or 7.1 percent, to settle at $43.71 a barrel on the New York Mercantile Exchange.
Libya’s top oil official, Shokri Ghanem, hinted that OPEC could make a "substantial" cut to output at it's Dec. 17 meeting in Algeria.
Chakib Khelil, OPEC president, said on Dec. 6 that the group may make a “severe” reduction in production to stem the 70 percent decline in prices from July’s record.
As we all know, what OPEC says & what OPEC does are frequently two very different things. However, with crude languishing around $40/barrel, maybe this time they will realise that drastic times call for drastic measures.