OPEC Comment Drives Oil Close to $95

[sabra]

Source: ABC News/AP

Oil prices rose Monday with more talk among OPEC members about converting their cash reserves to the euro and away from the U.S. dollar.

There is also doubt a possible OPEC output hike next month would get more supplies to market in time for the northern winter.

...

"The fact that the OPEC members are talking about issues like the weak U.S. dollar and not talking about raising output is supportive of strong pricing and so we're seeing signs of the market gaining strength," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.

Iranian President Mahmoud Ahmadinejad, in Riyadh, Saudi Arabia, called the dollar a "worthless piece of paper," and said the cartel's members have expressed interest in converting cash reserves into a currency other than the U.S. dollar a sentiment echoed by Venezuelan President Hugo Chavez, who called the euro a better option.

Read more: OPEC Comment Drives Oil Close to $95

[Lone_Star_Dem]

1. Here's a link:

http://abcnews.go.com/Business/wireStory?id=3885039

[sabra]

2. oops, thanks!

:-)

[sam sarrha]

3. 40 cents on each dollar of gas goes to speculators.. who probably pay no taxes on their profits