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Oil market looks especially ugly

This longish report from the Associated Press notes that oil inventories are rising around the world and that OPEC’s ability to control prices via supply cutbacks has been iffy at best. The Organization of Petroleum Exporting Countries said last week it would slash production by 2.2 million barrels a day in its largest cutback ever, trying to stem the rapid price decline.

But oil trader and analyst Stephen Schork said in order for OPEC to adhere to its January quota, the cartel first must adhere to its November cut of 1.5 million barrels a day.

“Given crude oil’s weakness since OPEC’s announcement, it is safe to assume the market is a bit skeptical regarding the group’s ability to comply,” Schork wrote in his daily publication, The Schork Report.

Obscure factoid of the day: Cheapest gas in the United States is $1.37 a gallon in Cheyenne, Wyoming.

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Tom Mangan posted at 9:11 am December 22nd, 2008 |

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