Oil Traders Position for Inventory Data, OPEC Meeting

June 12, 2012 9:02 AM EDT
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OPEC has agreed to cut production at every meeting in the past 10 years that coincided with a price drop of more than 10 percent, according to data compiled by Bloomberg. Comments by Saudi Arabia yesterday have investors reevaluating their expectations, as they now appear set to keep production levels set at 30 million barrels per day, despite a nearly 25 percent collapse in prices in the past 3 months.

United States Oil (NYSE: USO) prices have stabilized in early trading on Tuesday, after the futures price touched fresh lows for the year at $81 per barrel overnight. WTI futures are now trading just above 82 per barrel.

The American Petroleum Institute will issue its report for the week ending Jan. 8 on Tuesday after the oil markets close. That will be followed by the report from the U.S. Energy Information Administration, due Wednesday morning. The OPEC meeting takes place on Thursday.

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