How long will OPEC affect the price of oil?
In answer to your question, OPEC can affect the price of oil only if our supplies are low like today. The DOE, Department of Energy, came in with lower stocks of 3.3 million and API, the American Petroleum Institute, came in with lower stocks of 3.6 million. The DOE Energy Information Administration said crude oil stockpiles fell to 332.3 million barrels in the week ended October 20th, proving the analysts’ predictions of a 2.8 million a barrel build. Furthermore OPEC, the Organization of Petroleum Exporting Countries, saying that they would back production cuts pushed crude even higher today to settle at $61.38 a barrel for December delivery, that’s up $2.03 a barrel. Before the release of data on our stockpiles shortage, crude oil remained under pressure Monday October 24th. The December crude contract that trades on the New York Mercantile Exchange was then trading at $58.93 a barrel, it was down 27 cents. Everyone thought that the market remained under pressure, and that at any mom
