Crude awakening: OPEC may defend $90 oil

Filed under: Bad news, Exxon Mobil (XOM), Russia, Middle East, Venezuela, Chevron Corp (CVX), ConocoPhillips (COP), BP p.l.c. ADS (BP), Canada, Commodities, Oil, Headline newsTalk about a shift in psychology. At the week's start, oil traders and analysts were eyeballing a possible 500,000 barrel per day oil production increase from leading OPEC member Saudi Arabia. Then on Tuesday, Saudi Arabia nixed that plan, and on Friday Venezuela's Oil Minister Rafael Ramirez reignited some traders' concerns about a dwindling safety margin between oil supply and demand by stating that OPEC should not increase production at its next meeting in December. Even worse, Ramirez said, "OPEC can't do anything about the price" of oil, Bloomberg News reported.Continue reading Crude awakening: OPEC may