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Oil Rises Towards $41, OPEC Might Cut More
Contrarian Profits (February 3rd, 2009) Writes:
OPEC may consider new 1 million bpd cut in March-source… Reuters poll shows OPEC makes 67 pct of pledged cut… Nigeria oil union threatens strike from Feb. 9… U.S. crude stocks seen up for sixth straight time…
Oil prices climbed towards $41 a barrel on Tuesday after OPEC signaled it might deepen its record output cuts to help boost prices and drain bloated stockpiles.
OPEC’s president told Reuters the group could take more action when it meets on March 15. Later, an OPEC source said the group may discuss a 1 million barrel-per-day cut in addition to the 4.2 million in reductions agreed since September.
U.S. light crude for March delivery rose 73 cents to $40.81 by 1730 GMT, having fallen to $39.83 on Monday, the first time below $40 a barrel in three weeks. London Brent rose 53 cents to $44.35.
“Prices do seem
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