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(Plastemart) -- Organization of the
Petroleum Exporting Countries (OPEC) has decided to maintain its production
policy despite acute winters in the Northern Hemisphere. Demand for heating oil
has surged, and oil prices have spiked past US$90 this month as colder than
normal temperatures have swept across Europe, USA and parts of East Asia. Demand
is expected to rise as Europe is expected to remain very cold.
The International Energy Agency has raised its 2011 oil demand growth
forecast, and have indicated that fundamentals are strong, with oil stocks
beginning to fall from historically high levels. However, concerns abound about
the strength in commodities from China, as the government tightens money supply
and could raise interest rates.
mrcplast.com
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