OPEC has a meeting in Vienna tomorrow but it looks as though there will be no output cut at the upcoming meeting. Algeria’s oil minister said so earlier today (he’s the present OPEC president) and Qatar’s oil minister says specifically that OPEC does not want to hurt the global economy by cutting output further.
Crude is closing as we write, up 4.7 or $3.20 on the weaker dollar. It trades at $71.20.
