What a relief that the spike in oil price was only for a short while. Thank goodness the price is now back much lower than before. At the time of writing the price is USD70.89 per barrel, with the lowest ranged at USD69.77 and highest was USD75.69.
The OPEC is expected to announce a cut on the production of oil up to a million per day had triggered the price increase the last few days after going below USD70 per barrel. It seems that greed had overwhelm OPEC nations to push for higher price.
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