Bloomberg.com reported from New York today, September 11, 2007 that crude oil traded near a record in New York on speculation increased OPEC production may not be enough to ensure sufficient global stockpiles for the fourth- quarter demand peak.
Bloomberg.com reported from New York today, September 11, 2007 that oil rose yesterday after the Organization of Petroleum Exporting Countries, producer of 40 percent of the world's oil, said it will pump an extra 500,000 barrels a day starting in November. Before the meeting, OPEC had not been expected to consider a production rise. Saudi Arabia, the group's biggest producer and its most influential member, led the move.
Bloomberg.com reported from New York today, September 11, 2007 that ``People seem to be thinking that half a million barrels is immaterial,'' said Tobin Gorey, commodity strategist at Commonwealth Bank of Australia Ltd. in Sydney. ``The fact that it's the producers club that has come out saying this has revealed an insider view to the market that has people worried.''
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