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Article: Oil Prices Settle at $59.96 a Barrel
- Article from:
- AP Online
- Article date:
- October 9, 2006
CopyrightCopyright 2006 Associated Press/AP Online. This material is published under license from the publisher through YellowBrix, Alexandria, Virginia. All inquiries regarding rights should be directed to YellowBrix. (Hide copyright information)
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WASHINGTON - Oil prices rose Monday on assumptions that OPEC is plotting its first output cut in nearly two years.
Forecasts calling for colder weather in the Midwest also helped to push energy futures higher, analysts said.
Following a late-summer freefall of almost 25 percent, oil prices have bounced around the $60 level in the past week. Traders must weigh rhetoric from some OPEC members calling for output cuts against denials by Saudi Arabia, the cartel's largest producer, that a deal to reduce production exists.
Kuwait's energy minister said Monday that the Organization of Petroleum Exporting Countries is considering trimming its daily output by anywhere from 700,000 barrels to 1 ...