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		<title><![CDATA[Crude Oil Futures Trading Forum by Live Oil Prices - NYMEX oil price jumps 4.5 percent on eve of OPEC meet]]></title>
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		<description><![CDATA[The most recent posts in NYMEX oil price jumps 4.5 percent on eve of OPEC meet.]]></description>
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			<title><![CDATA[NYMEX oil price jumps 4.5 percent on eve of OPEC meet]]></title>
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			<description><![CDATA[Light oil prices rose 4.5 percent on Tuesday, their biggest gain in nearly three weeks, as weakness in the U.S. dollar fired up inflation fears and triggered a rush of buying across commodities markets.

The surge back over $70 a barrel cast a spotlight on the OPEC cartel on the eve of their production policy meeting in Vienna, with representatives signaling the group would likely keep output restrictions in place.

NYMEX crude for October delivery rose $3.08 to settle at $71.10 a barrel, marking the largest percentage increase since August 19. The gains came as the dollar slumped to its lowest level in almost a year against a basket of currencies and gold rallied above $1,000 an ounce, its highest since March 2008.

"With gold prices testing the $1,000-per-ounce level, commodity price inflation is back in the headlines," said Tim Evans, analyst at Citi Futures Perspective in New York. "Although the employment picture remains bleak and will ultimately limit the upside in our view," he added.

The Organization of the Petroleum Exporting Countries meets on Wednesday, with most analysts expecting the group, the source of more than a third of the world's oil supply, to maintain official output levels.

Saudi Arabia's Oil Minister Ali al-Naimi said producers and consumers are happy with current oil prices, though he added world crude inventories appeared too high.]]></description>
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			<pubDate>Wed, 09 Sep 2009 05:21:18 +0000</pubDate>
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