Not that OPEC doesn't have the right to control their product, but if the output is being cut in April, why is there an increase in price now?
Oil prices rose today after an OPEC delegate said the cartel planned to slice a million barrels per day from official output limits from the start of April, and clamp down on leakage.
London Brent futures leapt 74 cents to $29.85 a barrel on news of the surprise cut, while U.S. light crude jumped 64 cents to $33.47.
"The markets discounted the cut for the whole of last week, and they are going to start moving up from here," said Man Energy analyst Edward Meir.
I guess it's pre-emptive oil pricing.
....hey, do what you want....you will anyway.
Tuesday, February 10, 2004
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