Faith-based Global Warming Advocates - OPEC a Team

Bloomberg - Oil rose to a one-week high in New York after OPEC failed to reach an agreement on production targets for the first time in at least 20 years at its meeting in Vienna today. Futures gained 1.7 percent after Mohammad Aliabadi, the acting Iranian oil minister and OPEC president, said the group will maintain current output for now. A Gulf delegate said yesterday that the Organization of Petroleum Exporting Countries was going to increase quotas. A U.S. government report showed a larger-than-forecast drop in oil supplies. “The market is higher because OPEC failed to raise production today and we got a bigger-than-expected fall in inventories,” said Kyle Cooper, director of research at IAF Advisors in Houston. “You’re seeing the big reaction to the OPEC news because a quota increase has been expected.” Crude oil for July delivery rose $1.65 to $100.74 a barrel on the New York Mercantile Exchange, the highest settlement since May 31. Prices are up 40 percent in the past year. Read full story here: News New Mexico


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