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Crude Oil Rises to a Record $100.10 on OPEC Production Outlook
Crude oil rose to a record $100.10 a barrel in New York on speculation OPEC will cut production when it meets next month. The Organization of Petroleum Exporting Countries, set to meet on March 5, may cut output as winter heating demand wanes, oil ministers from Algeria and Iran said in the past week. Oil also rose after the U.S. dollar fell against the euro, enhancing the appeal of commodities as an inflation hedge. Platinum, soybeans, gasoline and heating oil also reached records today. ``Prices are primarily up because OPEC will more than likely cut production in two weeks,'' said Richard Chimblo, manager of global business development at Calgary-based Genoil Inc. ``OPEC is concerned about the outlook for a slowing global economy and demand.'' Posted by: Fred 2008-02-20 |
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