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 © 2013 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.
More Market News
|There’s a problem getting this information right now. Please try again later.|
LATEST MARKET DISPATCHES
- No more Dispatches; here's where to find market news
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
- Dow falls 59 as late-day gloom kills a rally
- Stocks held back by fiscal-cliff worries
- Stocks suffer worst weekly loss in 5 months
- Dow off 121 as post-election swoon continues
- Dow slumps 313 after Obama's re-election
- Dow jumps 133 as Americans head to the polls
The Fed may start tapering in just a few months. Here are a few of the likely winners and losers.