OPEC holds oil output as expected
In line with previous expectations the oil-exporting cartel (OPEC) announced that it had decided to keep production quotas on hold, despite hopes of a daily 500,000-barrel hike.
OPEC delegates told the press once again on Wednesday that the market was well supplied and needed no output increase. But with the price of oil so sensitive to any unforeseen developments, the cartel's refusal to throw traders a lifeline is predicted by sector insiders to push oil back up toward $100.
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