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Brent oil price is trading higher ahead of OPEC summit
Published on March 16, 2010 by oilprices · No CommentsICE Brent oil price is trading back near the $80 mark on Tuesday afternoon ahead of the latest OPEC meeting which takes place tomorrow. London’s Brent crude oil futures was up at $79.80 a barrel on the ICE Futures Exchange at 16.33PM GMT.
Oil futures fell below $80 yesterday on concerns about US energy demand and fears that a 16 month high in consumer inflation in China might lead Beijing to take measures to cool its booming economy.
OPEC is expected to keep output unchanged when it meets on Wednesday to review its oil supply policy. Key OPEC members, Iran and Saudi Arabia both said on Monday that there was no need for the group to change its official target output owing to the current supply, demand and price situation amid the global economic recovery.
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