Oil Settles Above $63
Oil prices finished above $63 a barrel on Friday (Dec 1, 2006), ending a bullish week as traders bet on blustery weather moving across the country and more production cuts from OPEC.
Prices ended higher for the same reasons we've been talking about all week — colder weather, output cuts and a report showing U.S. inventory falling pretty steadily for the past few weeks. The market continued to hold on and closed out on a positive note.
OPEC is likely to trim production again and he expects a cut of at least 500,000 barrels a day.
OPEC could cut production by half a million barrels a day when it meets Dec. 14, 2006 in Abuja.
Natutal gas settled at $8.422 per 1,000 cubic feet, down 42.2 cents. Prices were weighed down by the Institute of Supply Management‘s report showing that the U.S. manufacturing sector contracted in November,the first time the sector contracted since April 2003.
Prices ended higher for the same reasons we've been talking about all week — colder weather, output cuts and a report showing U.S. inventory falling pretty steadily for the past few weeks. The market continued to hold on and closed out on a positive note.
OPEC is likely to trim production again and he expects a cut of at least 500,000 barrels a day.
OPEC could cut production by half a million barrels a day when it meets Dec. 14, 2006 in Abuja.
Natutal gas settled at $8.422 per 1,000 cubic feet, down 42.2 cents. Prices were weighed down by the Institute of Supply Management‘s report showing that the U.S. manufacturing sector contracted in November,the first time the sector contracted since April 2003.
posted by Ottawa Gas Prices | 10:58 PM
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