Filed under: International markets, Rumors, Middle East, Oil

Oil prices had briefly traded to the upside this morning before falling, and are currently trading down a bit over a dollar as speculation continues to swirl around this week’s OPEC meeting.

With oil prices hovering around the $90 a barrel mark many analysts are under the impression that we will indeed see OPEC approve an increase to their production quotas this week. Last week when prices were teasing the $100 mark it seemed all but certain that we would get a production increase, but now that prices have fallen to under $90 there is some doubt.

But what are the OPEC countries themselves saying about this week’s meeting? They seem to be as divided as industry analysts in their views. Venezuela and Qatar have stated that they do not believe increases would be the right decision at this time, while Indonesia, Nigeria and Kuwait have stated that they are in favor of lifting the quotas.

Continue reading Oil volatile ahead of OPEC meeting, Iran nuclear weapons news

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This entry was posted on Wednesday, December 5th, 2007 at 12:48 am and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.