18.3.09

Tend to DECREASE- Oil Price

VIENNA (Reuters) - OPEC's decision on Sunday to resist new supply cuts laid the ground not just for cheaper oil to help heal the economy, but for warmer relations with the world's biggest energy consumer.
Two days after U.S. President Barack Obama called Saudi King Abdullah, OPEC said it would stick to existing supply targets, even though fuel inventories have swollen and oil prices are much lower than it would like.
The Organization of the Petroleum Exporting Countries said the weakness of the world economy, which effectively receives a financial stimulus from cheaper oil, was a central motivation.

By Barbara Lewis - Analysis

This is a sign that the oil price is expected to be lower, and i think it is a good sign for all of us...then we can save more for petrol, while all of us are in the financial crisis (so sad)...

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