Tuesday, February 26, 2008
Crude Oil Prices Continue to Increase
Crude oil rose for a fourth day Monday after Iran's oil minister said OPEC may reduce production when it meets next month. That's a real bummer if they do that again. The Organization of Petroleum Exporting Countries typically cuts output in the second quarter to counter a drop in demand at the end of the Northern Hemisphere's winter. The group, whose members produce more than 40 percent of the world's oil, will gather in Vienna on March 5. Crude oil for March delivery rose as much as 95 cents, or 1 percent to $96.45 a barrel in electronic trading on the New York Mercantile Exchange. The contract traded at $95.90 a barrel at 5 p.m. EST. There was no floor trading in New York because of the Presidents Day holiday. It has probably changed some more since then. It seems to change daily. I know gasoline in our little town is rising a little every couple days.