Crude in Focus as OPEC's Semi-Annual Meeting Commences (OIL) (USO)

Crude prices are on watch Friday as the the Organization of the Petroleum Exporting Countries (OPEC) holds its semi-annual meeting in Vienna. Market watchers are keeping an eye on OPEC's production target, which is expected to remain flat at 30 million barrels per day, but could move higher.

According to the WSJ, Saudi Arabia oil minister Ali al-Naimi has talks about how the fundamentals of the oil market have remained "excellent," which could pave the way for an increase in production. Analysts believe that, overall, the top players in the oil market (Saudi Arabia, Kuwait, and the United Arab Emirates) will take a patient approach when it comes to raising production.

On watch today are iPath Dow Jones-Goldman Sachs Crude Oil Fund (NYSE: OIL) and United States Oil Fund (NYSE: USO).

OPEC provided a tentative schedule of today's events here (pdf download).

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