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Oil prices hit record in New York | Oil prices hit record in New York |
(about 6 hours later) | |
Oil prices have surged to record levels after traders bet that the Opec oil producing nations will reduce output. | |
In New York, the main contract for light sweet crude oil hit a record high of $100.10 a barrel before closing at $100.01, up $4.51. | |
Market analysts say Opec producers might cut production in response to the slowdown of the US economy. | |
There was also concern over supplies from Nigeria and the ongoing row between Exxon Mobil and Venezuela. | There was also concern over supplies from Nigeria and the ongoing row between Exxon Mobil and Venezuela. |
Opec oil producers meet on 5 March. | Opec oil producers meet on 5 March. |
"Production is not going to increase. It will either decrease or be stable," Opec President Chakib Khelil said on Monday. | "Production is not going to increase. It will either decrease or be stable," Opec President Chakib Khelil said on Monday. |
Analysts think a cut in production is increasingly likely. | Analysts think a cut in production is increasingly likely. |
"Opec is showing every sign that it will move to cut production at it March meeting," said Phil Flynn, an analyst at Alaron Trading. | "Opec is showing every sign that it will move to cut production at it March meeting," said Phil Flynn, an analyst at Alaron Trading. |
"It seems that Opec is only focused on price and the economy be dammed." | "It seems that Opec is only focused on price and the economy be dammed." |