Commodity Blog

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Will Oil Reach $80 in 2010?

November 16, 2009 at 23:00 by Vladimir Vyun

Crude oil price reached the highest level in six weeks because of the weakening dollar and the speculation that the global economy are recovering and energy demand rebounds.

Stocks rose after retail sales in the U.S. increased, aiding prices. U.S. retail sales increased 1.4 percent in October.

The Organization of Petroleum Exporting Countries will meet on December 22nd to discuss output targets. OPEC don’t plan to increase its output quotas. According to OPEC’s president the producer group is content with current level of oil price. As he reports, even the price as high as $80 per barrel “is not too high” and should not prevent economic recovery.

December delivery for crude oil added $2.64 (3.5 percent) to $78.99 per barrel by 13:50 on the New York Mercantile Exchange.

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