October 2009
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News from October 2009

Oil price hits $82 in late Wednesday trading, weak dollar

Oil prices hit new highs for the year in trading on Wednesday as the US dollar fell to new lows against the Euro, showing how much the weak US currency has come to dominate energy markets.
Benchmark crude oil futures for December delivery rose $2.25 to settle at $81.37 a barrel on the NYMEX. Oil prices [...]

Higher oil price has companies drilling again

With oil prices at a one year high, oil companies have dusted off idled rigs and kick-started a global production network that thrives on high energy prices.
Some oil executives have declared the yearlong slump in petroleum over, pointing to an uptick in exploration and drilling operations around the world. At $82 per barrel and growing, [...]

OPEC not likely to raise oil production in December

Secretary General, Abdalla Salem El-Badri of OPEC said that the cartel will not raise oil production quotas despite the price of oil rising to $77 per barrel.
He told reporters in Abuja at the end of his three-day visit that the current rise in the price of crude on the international market has nothing to do [...]