$60 oil by the week's end

The New Zealand Herald

Opec may boost its crude output quota by 500,000 barrels a day next month and add another half-a-million barrels in the third quarter in a bid to stop record oil prices from slowing economic growth, the group’s president says.

Okay, OPEC making more noise about boosting production. In the antirational oil market, we can expect $60 oil by weekend.

Update early Monday morning before the markets open in the US: “Oil prices raced to a new all-time peak on Monday, climbing toward $58 a barrel as OPEC signaled it would discuss a second output rise to try to quell the market’s relentless rally.”

More on oil on my site Financial Options including The Secret Way to Play Oil.

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