Light, sweet crude oil futures for October settled 3.08 dollars higher at 71.10 a barrel, the highest price since Aug. 28. Nymex prices had dropped 4.72 dollars a barrel, or 6.5% last week.
The Organization of Petroleum Exporting Countries meets Wednesday in Vienna to review oil output policy, but traders said they don't expect surprises. Ali Naimi, oil minister of OPEC kingpin Saudi Arabia, said the oil market is in "very good shape" and both producer and consumer nations are happy with crude prices between $68 and $73 a barrel.
Goldman Sachs said in a report it expects mountainous U.S. inventories of distillate fuel (diesel fuel/heating oil), at a 28-year high at the end of August, to decline in coming months, improving the supply/demand outlook. The bank repeated its forecast for $85-a-barrel crude oil by year end.
I am still standing path on the oil futures waiting for a big opportunity to emerge. I was caught on the May rally and I have been on the oil sidelines since then.
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