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[Kizen]

OPEC plan to cut crude oil supply of 1.2 million barrels a day from November 1st has surely made a lot of stir in the commodities market. Oil surged high yesterday settling at $60.66 a barrel on the New York Mercantile Exchange.
It is also likely that there may be further cut in supply by OPEC countries to reduce slide in the oil prices, OPEC supplies 40 percent to the world. Overall OPEC is cutting 2 percent of the output from actual production, Saudi Arabia is one of the countries doing the cut, and following suit is Abu Dhabi cutting 2 percent.
I feel oil will rise because just by the news of the cut in supply has caused the oil to rise so when the actual cut is made, oil will go up even more, I am suspecting that oil prices would reach even $65 a barrel. Just hope that I am wrong!!!!



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[sunabeach]

What contract are you referring to? The december crude contract closed yesterday at 60.36 which was down $1.04 from wednesday. Presently it is around unchanged and not showing much sign of wanting to go higher.

Do you just post ads for your blogspot or do you also respond to posts???

[patanx]

Crude oil was little changed after Sky News reported that naval forces from the U.S.-led coalition have been sent to protect Saudi Arabia's Ras Tanura oil terminal because of the threat of an attack from the sea.
U.K. forces were sent to the terminal, the world's largest offshore oil-loading facility, Sky News reported, citing Reuters. Saudi Arabia, the world's biggest oil exporter, pumped 9.18 million barrels a day in September, according to estimates.
Crude oil for December delivery rose 2 cents to $60.38 a barrel at 9.52 a.m. on the New York Mercantile Exchange. Futures are up 1.8% this week and are little changed from a year ago.

[Scan]

[FONT='Times New Roman','serif']The most of investors predict the growth of oil prices to $90 for a barrel. [/FONT]