OPEC's plan to cut crude oil supply of 1.2 million barrels a day from November 1st has surely made a lot of stir in the commodities market . Oil surged high yesterday settling at $60.66 a barrel on the New York Mercantile Exchange.
It is also likely that there may be further cut in supply by OPEC countries to reduce slide in the oil prices, OPEC supplies 40 percent to the world. Overall OPEC is cutting 2 percent of the output from actual production, Saudi Arabia is one of the countries doing the cut, following suit is Abu Dhabi cutting 2 percent.
I feel oil will rise because just by the news of the cut in supply has caused the oil to rise so when the actual cut is made , oil will go up even more, I am suspecting that oil prices would reach even $65 a barrel. Just hope that I am wrong !!!!
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