Wednesday, May 27, 2009

Oil hits six month high

Oil hit a high of 63$ a barrel, after Saudi Arabia oil minister said the demand was increasing. 

When we think about the fact that just 5 months ago, at the turn of the year, Oil was trading at around $32 a barrel, that's almost a 100% increase in price. 

Demand for Oil is picking up, that's a sign of optimism, Ali Naimi said, especially in Asia. 

Opec is widely expected to keep the oil cartel's production steady when it meets tomorrow in Vienna. Opec produces 40% of the world's oil

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