Oil consuming countries are worried about the impact of prices at 2 year highs. Some OPEC members foresee oil heading for $100-a-barrel level ahead of the next meeting in Cairo. Crude oil is above $91 in NY trading, up 15% YTD. Continued cold weather in the northern hemisphere will keep demand strong in the new year. Higher oil prices will be especially hard for airlines & car drivers to absorb (not to mention stock markets).
Oil Consumers Wary as Some OPEC Members Target $100 Before Cairo Meeting
|CLG11.NYM||...Crude Oil Feb 11...||91.51 ||... 1.12 (1.2%)|
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With higher markets for the month & year, best wishes to all for a Happy Holiday season,