Sunday, December 7, 2008

OPEC Promises "Severe" Crude Production Cuts Coming

From Bloomberg:

"Crude oil rose for the first time in seven days in New York after the Organization of Petroleum Exporting Countries’ president said there was consensus for a “significant” production cut when the group meets next week."

Click here for the complete Bloomberg story.

Crude oil is up nearly $2 tonight from last Friday's lows. Corn and soybeans, the two grains associated with biofuels, and therefore linked with the price of crude oil, are also somewhat higher.