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Oil Prices Jump Ahead of OPEC Meeting

OPEC meets later this week and investors are betting the organization, which is responsible for 40 percent of the world's oil supply, will slash production as the global economic downturn deepens.

In New York Mercantile Exchange trading today, oil has jumped $3.24 a barrel, to $49.52. At one point, prices topped $50. Remember: When oil prices jump, gas pump price increase typically follow. (I paid $1.63 a gallon the other day.)

Kuwaiti oil minister Mohammed al-Eleim told the Associated Press that OPEC was “undoubtedly inclined” to cut production.

-- Michael S. Rosenwald

By Michael S. Rosenwald  |  December 15, 2008; 10:07 AM ET
Categories:  The Ticker  
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