10-20-2008, 11:13 AM
<b>Oil rises to $73 on expectation of OPEC cut</b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Khelil, who is also Algeria's energy minister, said OPEC may cut output again at a meeting in December, and that the group considers the oil market oversupplied by about 2 million barrels a day, Khelil said.
<b>Venezuelan President Hugo Chavez said Sunday he would like prices between $80 and $90 a barrel.</b>
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<b>"Oil demand in the U.S. will be a bellwether," Pervan said. "If the US, Europe and Japan go into a major recession, there's no reason we can't see $35, $40 a barrel</b>."<!--QuoteEnd--><!--QuoteEEnd-->
Increasing oil price will speedup recession and price will go down but these greedy Oil producing nation just don't get it.
<b>Venezuelan President Hugo Chavez said Sunday he would like prices between $80 and $90 a barrel.</b>
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<b>"Oil demand in the U.S. will be a bellwether," Pervan said. "If the US, Europe and Japan go into a major recession, there's no reason we can't see $35, $40 a barrel</b>."<!--QuoteEnd--><!--QuoteEEnd-->
Increasing oil price will speedup recession and price will go down but these greedy Oil producing nation just don't get it.