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OPEC sees no reason for meeting

Despite the fact that US crude oil touched $82 a barrel last week OPEC has no plans to meet until the price hits at least $100 a barrel. There is renewed optimism in the energy markets because of an expected recovery in the US economy and the possibility of an increase in oil usage in the weeks and months ahead. However, the fact that OPEC has no plans to meet at the moment and would not even consider the meeting if the price was under $100 a barrel is starting to concern many people.

Even though the oil price has been fairly quiet of late, it has sprang to life over the last few days as more and more investors and analysts believe that the worldwide recession is over and the US will lead growth in the future. As we saw last year, when the price of oil rocketed to around $140, a rising oil price does have a major impact on economies around the world, the cost of living and business profitability.

There is growing concern that a high oil price will also bring back the spectre of inflation, something which has been subdued, to say the least, over the last 12 months. Governments around the world will be monitoring the oil price very carefully over the weeks and months ahead praying that it does not push too far ahead.

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