Oil is back above $94 on the New York Mercantile Exchange. The market is assuming that gas consumption will stay strong on holida travel and that a cold winter will also keep demand high.
More important, the US, the EU, and China have all asked OPEC to increase supply at its December meeting. The cartel has shown no intrerest in cooperating. As a matter of fact, the oil producers have indicated that they want to see a fall-off in US investment in nuclear and bio-fuel energy sources. Any real success in these areas could cut oil demand a decace of more out. And, OPEC wants to make sure it is still bringing in plenty of money then.
Douglas A. McIntyre
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