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家园 now their lower end raise to 60

today's news.

http://money.cnn.com/2006/02/17/markets/oil/index.htm

Big rally for oil

Futures up more than $1 on forecasts of colder weather, concerns over possible reduction in OPEC's production levels.

February 17, 2006: 8:55 AM EST

NEW YORK (CNNMoney.com) - Oil prices shot up in early trading Friday on talk of a push by some member states to have OPEC cut production and forecasts of more cold weather throughout the United States.

Oil, which reached a nearly two-month low Thursday before turning higher in afternoon trading, was up sharply Friday morning, heading toward $60 a barrel -- a mark it had dropped below Tuesday for the first time in 2006.

The March light crude futures contract for NYMEX gained $1.13 to $59.59 a barrel in electronic trading, while the April contract for Brent crude rose $1.16 to $59.95.

NYMEX had fallen as low as $57.55 in trading Thursday before turning higher.

Fadel Gheit, oil analyst for Oppenheimer & Co., said there is talk that OPEC members who are already pumping at capacity -- including Iran, Venezuela and Libya -- are concerned with the recent fall below the $60 level and are pushing members with excess capacity -- such as Saudi Arabia, Kuwait and the United Arab Emirates -- to trim production.

"There is talk that OPEC is being spooked by the sharp decline," he said.

OPEC next meets March 8 in Vienna.

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