OPEC May Pump More

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Oil prices fell as a result of speculation that OPEC might pump more to meet increasing demand.

Crude futures are now 52% above what they were a year ago.

“OPEC is very carefully going to be looking at inventories and if they look weak, OPEC may have to add production and not cut,” said Deutsche Bank oil strategist Adam Sieminski.

According to a Bloomberg article,

“Brent crude for April settlement declined 40 cents, or 0.8 percent, to $51.55 a barrel at 12:32 p.m. on London’s International Petroleum Exchange, after closing at $51.95 yesterday, its highest in 17 years of trading.

Crude for April delivery fell 14 cents to $53.43 on the New York Mercantile Exchange, after touching $55.20 yesterday, the highest price since Oct. 27. Prices may rise close to their October record of $55.67 a barrel for a second day later today, brokers including Julian Keites of Fimat in London said.”

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