White House Sending Energy Secretary to Saudi Arabia on Sunday for Oil Meeting

Posted by Louis Navellier on 6/18/08 10:47 am

This meeting in Saudi Arabia on Sunday is a very positive development.  I suspect that crude oil prices will remain high leading up to the meeting, especially since oil inventories are continuing to fall.  Mexico’s production problem is the latest supply issue. The IEA is seeking an immediate increase in oil production at the meeting, but one White House spokesman said such an announcement was unlikely.  Nonetheless, I wouldn’t be surprised if Monday will be a volatile day for crude prices.

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