Oil Prices Were Little Changed
Oil prices were little changed Wednesday, Dec 6, 2006, ahead of the release of weekly U.S. petroleum inventory data, which is expected to show higher supplies.
But the possibility of more production cuts by the Organization of Petroleum Exporting Countries (OPEC) kept a floor under prices, as recent comments from key members of the cartel suggest it will push for another cut when it meets Dec 14, 2006 in Nigeria. OPEC says it is concerned about ballooning worldwide crude oil inventories.
Crude oil prices fell 1 cent to $63.31 a barrel.
But the possibility of more production cuts by the Organization of Petroleum Exporting Countries (OPEC) kept a floor under prices, as recent comments from key members of the cartel suggest it will push for another cut when it meets Dec 14, 2006 in Nigeria. OPEC says it is concerned about ballooning worldwide crude oil inventories.
Crude oil prices fell 1 cent to $63.31 a barrel.
posted by Ottawa Gas Prices | 7:51 AM
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