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OPEC Sneezes Again – Crude Catches a Cold

Mortar attack started a hugh fire at an oil facility in Iraq. Saudi oil minister supports another output cut at Dec. OPEC meeting. Oil back above $60/barrel.

“The market already seems to have built in a premium for Iraq. Any drop of oil out of Iraq is considered gravy,” analyst Phil Flynn, Alaron Trading Corp., said. “The markets are still stuck in a big trading range of $55 a barrel on the downside and just above $62 on the upside pretty much since October.”

As long as it stays far away from that $78/barrel, we can live with it.

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