Oil traded yesterday above $60 a barrel after news from OPEC said that it may be cutting oil supply by 1 million barrel a day from actual production with the cold US weather demanding more fuel to keep the heating going in the winter. With the OPEC cutting the supply the prices will rise again since th cut is coming at a time when demand is high , but one has to keep a watch whether the cut will be from the actual production or not. Oil has been going up since last week when some oil refineries had to shut down few units for maintenance , reducing crude oil consumption , this tren is carried forward by another possible oil supply cut by OPEC very soon. I feel this is a crucial time for people as OPEC has been quite lucky in keeping everyone's interest and if it happens the way OPEc wants then looks like the whole world is going to dance on the finger tips of OPEC .....
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