Oil in focus ahead of OPEC meeting
Oil has jumped about 81% since February
Crude oil turned higher this afternoon, rising 4 cents to $61.71 a barrel this afternoon, ahead of Thursday's meeting of the Organization of Petroleum Exporting Countries in Vienna, Austria.
Saudi Arabian Oil Minister Ali al-Naimi said OPEC would "probably stay the course" regarding oil production; al-Naimi expects demand to pick up, pushing prices up to $75 a barrel.
That target may be overshooting, one expert said.
"We've got plenty of supplies, and there's nothing to suggest the economy is improving," Peter Beutel, the president of energy consulting company Cameron Hanover, told Bloomberg News. "OPEC doesn't look like it will lend much support. The market is trying to figure out where it's going next."
Meanwhile, French President Nicolas Sarkozy this morning said he wants oil-rich countries and the world's biggest powers to work together to help stabilize oil prices. Sarkozy, who was speaking to diplomats and French military personnel in the United Arab Emirates, said he wants to discuss fuel prices at the Group of Eight meeting in Italy in June.
Oil has jumped about 81% since February, when it traded around $34 a barrel. But it's still well below the record high of $147.27 hit last July.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market ended the holiday-shortened week on a mixed note as the Dow Jones Industrial Average shed 0.1%, while the S&P 500 added 0.1% with seven sectors posting gains.
Equity indices faced an uphill climb from the opening bell after disappointing quarterly results from Google (GOOG 536.10, -20.44) and IBM (IBM 190.04, -6.36) weighed on the early sentiment. Google reported earnings $0.15 below the Capital IQ consensus estimate on revenue of $15.42 ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
VIDEO ON MSN MONEY
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'