Crude Supply Down (Again)
September 21st, 2006 by Grant in: Energy, Oil & GasToday the energy department said crude oil supplies were down again for the third straight week.
Supplies dropped by 2.8 million barrels to just over 324 million barrels in storage.
On another note, there is now fear that OPEC may cut supply as a result of a production and supply review in December. Some speculate that with oil basing around $60, a cut in OPEC production is a good bet.
This, coupled with winter weather forecasts being all over the map (pardon the pun), could drive oil back to $70 per barrel.
Only time will tell.
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