OPEC ministers meeting in Vienna are believed to be debating how much oil to produce amid weak growth of the global economy. Oil on the Nymex rose by over a dollar to US$83.8 while Brent crude inched up to US$96.9 per barrel in London.
Members of the Organization of the Petroleum Exporting Countries were divided over oil production heading into the meeting in Vienna. Slowing economies in Europe, USA and China have cut demand for oil and energy products and kept financial markets on edge for weeks. Additionally, Greece holds an election on Sunday, with likelihood that a government that wants to stop using the euro as its currency getting elected. This could spawn turmoil in global markets, including concerns about the ripple effect of larger, debt-laden countries like Spain and Italy. If Greece departs the eurozone, it could further drive up borrowing costs for those two nations. Spain has already sought a bailout for its banks. Italy announced steps to spur growth and lower its debt. Separately, natural gas prices jumped more than 10% after the government said supplies increased less than expected last week. It was the biggest gain for the fuel since late October.
18-Jun-12 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}