Crude prices remained near their all time highs. Though, January futures are trading roughly at $1.25 lower than December futures. Thursday had vitnessed a rare fall in the crude prices after US department of energy had unexpected reported built up in oil inventories. Financial analysts across thw world are still of the opinion that oil prices would be in higher zone for some more time. This may result in higher profit for oil companies.
In an important development, Brazil is considering joing OPEC after huge offshore oil reserves have been discovered in Tupi fields.
Meanwhile in a meeting of OPEC foreign, finance and oil ministers no decision on output levels was taken and the matter was left to be decided during Dec. 5 meeting of OPEC oil ministers. Also, impact of the weak US dollar on the prices and OPEC members was not considered.A draft prepared (which is still not officially disclosed) warns that the legislation by consuming countries against the oil producing cartel could harm the future energy security.
All in all, there seems to be no respite from the continually growing prices of crude and allied products.
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