He noted also that the summit ended with no mention of moves to increase production. However the cartel said it will hold off any discussion till its next meeting in December. The factors that have precipitated the move to record levels remain intact said Harris. pm London s Brent crude for January delivery was trading up cents at . Last week an unexpected increase in US crude stocks weighed on prices. In addition upside price movements might also be capped by lingering worries over the demand outlook. Last week both the International Energy otcbb IENI. OB news people Agency and OPEC lowered their demand forecasts. The news weighed heavily on oil halting its ascent on the much hyped usd mark. However prices have since recovered following the OPEC summit and as temperatures in the northern hemisphere start dropping sharply. Cold temperatures lead to increased demand for crude oil products like heating oil. Oil prices have been see sawing for over a week now! after hitting an all time record of . usd in New York on Nov . Not all analysts are convinced prices will top recent record highs any time soon.
Source: http://www.forbes.com/markets/feeds/afx/2007/11/19/afx4353617.html
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