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by Freddie Mooche

Stock Option Trading Traders pushed crude oil prices higher Wednesday over fears of production cuts by OPEC members next month while investors await the release of the US government's next weekly petroleum supply report.

to do with fundamentals. According to him, oil supplies are adequate, Saudi Arabia’s production capacity is increasing on schedule, and a potential OPEC production increase will be on the table December 5 at a meeting of oil ministers. He further maintains that OPEC has very little direct control over the price of oil, which is influenced by a myriad of market forces (such as OPEC supply, the U.S. dollar and geopolitical tension), and has not

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oil production could plateau, some industry leaders believe, setting the ne yellestage for a period marked by energy shortages and high prices. OPEC's Divisions Rise to Surface As high crude prices fuel the economic boom in oil capitals, they're reigniting old divisions within OPEC, stirring doubts about the cartel's role

Financial Software Trading Feb 15, 2005 (AXcess News) New York - Traders pushed crude oil prices higher Wednesday over fears of production cuts by OPEC members next month while investors await the release of the US government's next weekly petroleum supply report.

Brent crude in London has risen 20 percent, to almost $31 a barrel since OPEC decided on Sept. 24 to trim its output by 900, 000 barrels a day, or 3.5 percent. OPEC has cited rising production in Iraq and other countries that threatens to hurt prices. The decision may undermine economic recovery by increasing energy costs, the energy agency has said.

Online Stock Trading Company Crude oil futures on the New York Mercantile Exchange were up 11 cents by midday at $47.55, settling to $47.44 on the NYMEX by 1pm ET. In London, Brent crude oil futures were trading at $45.53.

Kuwait and Indonesia have said they favor letting production roll over at the next meeting. Venezuela has said OPEC could either take no action or cut production. Kazempour told the newspaper that prices could slip back into a $ $50 range during the winter. Indonesia's oil minister said at the weekend that there was little hope of prices easing below $50 a barrel in the near future.

Forex Day Trading Oil futures on the NYMEX are still $8 below their peak in October, but are still 36 percent higher than a year ago. Those price levels are based on OPEC's pricing its crude oil in dollars and were fueled by fears over unrest in the Middle East, growing demand worldwide for oil and harsh winter weather in the US, especially in the Northeastern portion of the country where the majority of home heating oil is consumed. US supplies have also been a critical factor in traders views of the market, giving rise to the commerce department's economic report of a higher budget deficit. Oil was a contributing factor to higher deficit figures.Opec's acting Secretary-General Adnan Shihab-Eldin said that in advance of the organization's mid-March meeting cuts in production could be made if world demand decreased.

"Did we bring the price back to $25 " he said. "We didn't, because there are all these drums of war." OPEC's president, Attiyah of Qatar, said, "There is no shortage of oil." OPEC may even have an oil surplus when its members next meet in March. Oil buyers fear that Iraq may destroy its oil production facilities in case of an attack by the United States. largest exporter in OPEC.

Financial In Market If robust demand holds then maybe we need a small cut in the second quarter. If there is a significant fall in demand then maybe we need a larger cut, and earlier," he said.

Stock Trading System Last week Thursday, the International Energy Agency (IEA) said disappointing output growth and fast demand threatened renewed strain on oil supplies.Advertisement

Day Trading Stock Tip The IEA, which advises industrialized nations on energy policy said oil stocks in industrialized nations fell sharply in December and should keep dropping in the first quarter, countering Opec's fears of a potential surplus.

Financial Forex Forex Software At Opec's January 30 meeting ministers said they could consult by telephone on potential production cuts before a March 16 meeting in Isfahan, Iran, if they saw signs that stocks were building to levels that would pressure prices.

Stock Market Trading Traders are watching for the weekly report to be released Wednesday of US commercial crude oil inventories. While traders focus on the report, OPEC has sent messages to the market that it will hold prices in the face of declining world demand.

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