Crude Oil Prices Rise

SINGAPORE (AP) - Oil prices rose above $45 a barrel Wednesday in
Asia as investors waited to see how big a production cut OPEC will
announce at a meeting later today in Algeria.
The contract fell 91 cents yesterday to settle at $43.60 despite
signs the Organization of Petroleum Exporting Countries planned to
announce a significant reduction.
OPEC estimates daily demand for its crude oil has fallen by
700,000 barrels this year. The cartel also predicts demand will
drop by at least twice that amount in 2009, with the worsening
global economy "expected to have a strong impact on oil demand."
OPEC has been hinting it may have to "shock" markets to
stabilize prices. Saudi Arabia says oil production will be cut by 2
million barrels per day to stem declining crude prices.

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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by viewer on Dec 18, 2008 at 06:21 PM
    who said the democrats want high gas prices they did not get out of hand until the repulicans got in I love broke republicans that put down democrats
  • by Ernest L Agee on Dec 17, 2008 at 08:41 PM
    you can say that the liberals are at falt or OPEC decocrats and the green people want hight gas prices. There is one thing that we could about it that ever body that want's lower gas price go to Washtion and demand that we start drilling more own homeland like in Alaska offshower and in the parks that arnt being used but untill the people stand up to washtion liberals and democrats green people I don't care if the oil goes up to $200 a barl and if it does maybe you people will get up and do something or stop driving and start walking that is up to you i do not care one way or the other
  • by Gramby on Dec 17, 2008 at 08:23 AM
    nuk'em, then who needs their oil.
  • by steve Location: irvine on Dec 17, 2008 at 08:17 AM
    Oh don't worry the democrats want high gas prices anyway that way when they take the car company's over the socialist liberals and AL gore can shove their little green cars down your throat this was all planned trust me you watch and see.
  • by Crystal Location: Owingsville on Dec 17, 2008 at 07:35 AM
    People are already struggling whit the gas prices as they are. This is just going to make it harder an us.


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