October 24, 2006

So OPEC will cut production and gas prices will rise just before the mid-terms, right? So much for that idea:
Oil fell below $59 a barrel on Monday as traders doubted all OPEC members would follow Saudi Arabia's lead to curb output under an agreement reached last week...

"The market is highly skeptical that OPEC will deliver the promised cuts in crude oil production," said Tobin Gorey of the Commonwealth Bank of Australia. "OPEC's discipline in sticking to output targets has been lax, at best, in the past."


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