OPEC Rises Above Price Pressures

The cartel decides against a production cut, leaving traders disappointed and oil prices down by around $2.00 per barrel.

The oil-exporting cartel OPEC burnished its credibility over the weekend by deciding not to cut production quotas, despite pressure from some members that would rather see oil prices in the region of $70-$80 per barrel than the current $40-$50 band. But traders were left disappointed on Monday, which took the wind out of some of crude oil’s gains made in the run-up to the cartel’s meeting.

Read Full Article from Forbes

- Posted: 2009-03-16 09:42:18

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