Opec 'ready with spare capacity'

BBC NEWS | Business | Opec ‘ready with spare capacity’

The oil ministers of Opec heavyweights Saudi Arabia and Kuwait have pledged to maintain output after prices hit new peaks at the end of last week.

And in the bizarre world of oil markets this is my prediction for the Monday news:

“Oil prices went higher Monday on concern that Saudi and Kuwaiti pledges to increase supply reflected instabilitiy in the Middle East and a continued US dependence on Mideast oil.”

If I were a conspiracy theorist, I’d be wondernig if liberal billionaires weren’t purposely bidding up oil prices….maybe instead of looking into donations to CAIR, the conspiracy types need to be looking into commodity trading.
Update Monday Morning: Overnight in European markets, drum roll please….in an apparent contradiction of everything you learned in Econ 101, oil was UP on news of increasing supply.
Brent crude (LCOc1) on London’s International Petroleum Exchange, the benchmark for Europe’s imports of Middle Eastern, Russian and African crude hit $50.10 a barrel, up 39 cents on the day and almost $20 higher than the start of the year.

U.S. light, sweet crude oil futures (CLc1) hit a new high of $53.48 a barrel, up 17 cents.

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