Monday, November 12, 2007

Oil prices dip by over a dollar as OPEC is reported to mull output hike

Oil prices dipped by over one dollar in Asia, on reports that OPEC plans to discuss an increase in output at an upcoming meeting on Dec. 5 in Abu Dhabi, in a bid to cool record crude prices. Market players believe that the effect of any output increase on oil prices is likely to be limited as the recent rise in crude futures has had more to do with speculation than a real demand for Middle Eastern crude.

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