Wednesday, September 12, 2007

Crude Prices Rise Above $78 - Chinaview.cn

NEW YORK, Sept. 11 (Xinhua) -- World crude oil futures prices set a new record close Tuesday on supply concern despite the world's major oil producers decided to raise their daily output.

"The fact that OPEC indicated that it would boost oil production by additional 500,000 barrels makes great headlines, but is unlikely to achieve the stated result of meeting demand," Wall Street Strategies' senior research analyst Conley Turner told Xinhua.

"Even though the cartel is saying that this production increase that will commence in November, the reality on the ground is that production is already at full throttle," Turner pointed out.

"In fact, many members are already producing beyond their quota so an extra half a million barrels is really not going to have a meaningful impact on satisfying demand especially as winter approaches," he added.

URL: http://news.xinhuanet.com/english/2007-09/12/content_6706524.htm