The price of a barrel of crude oil rose above $60 for the first time in nearly a week ahead of an important OPEC meeting and thanks to a recent cold spell the North East.
This weekend OPEC stated that it would convene this week in order to confirm that it will go forward with a 1,000,000 barrel per day oil production decrease in order to help stabilize oil prices and set the price floor at $60 per barrel. The last time OPEC decreased oil output was towards the end of 2004.
In addition to the outcome of the OPEC meeting, commodity traders will be closely watching the United States’ weather outlook. While many analyst predict most people will pay less to heat their homes this coming winter, it is all dependent on the forecast that’s predicting a warmer than usual winter.
Oil futures were trading about $.50 higher this morning, at $60.46, which follows yesterday’s $1.37 increase – the largest jump in two weeks.
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