Some OPEC countries - Kuwait, Iran, the United Arab Emirates, Venezuela, Libya and Indonesia said this week that OPEC should maintain production. Prices rose to an eight-week high of $49.75 on Jan. 25 because of colder weather in the U.S. and attacks by insurgents in Iraq.
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Crude Price Continue Falling
Crude oil futures continue falling on speculation that OPEC will not cut production at its Jan. 30 meeting
Crude oil futures continue falling on speculation that OPEC will not cut production at its Jan. 30 meeting.
Crude oil futures for March delivery dropped 39 cents, or 0.8 percent, to $48.45 a barrel in after-hours trading on the New York Mercantile Exchange. It traded at $48.69 at 12:19 p.m. of Singapore time; failing, however, to reach $50.
Some OPEC countries - Kuwait, Iran, the United Arab Emirates, Venezuela, Libya and Indonesia said this week that OPEC should maintain production. Prices rose to an eight-week high of $49.75 on Jan. 25 because of colder weather in the U.S. and attacks by insurgents in Iraq.
Some OPEC countries - Kuwait, Iran, the United Arab Emirates, Venezuela, Libya and Indonesia said this week that OPEC should maintain production. Prices rose to an eight-week high of $49.75 on Jan. 25 because of colder weather in the U.S. and attacks by insurgents in Iraq.
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