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Oil: Low prices are behind us
OPEC cuts and a pullback in investments are beginning to raise prices, but $147 is a long way off while the world's economy remains in the doldrums.
By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: March 19, 2009: 9:47 AM ET
NEW YORK (CNNMoney.com) -- Crude closed at $33.87 a barrel earlier this winter, and that's likely the lowest we'll see for some time.
While demand remains abysmal, production cuts from OPEC and scaled-back investments from oil companies are beginning to curtail supplies.
That, say analysts, means crude prices won't likely trade below the $40 range they've been locked in for the last three weeks.
"OPEC cuts are taking hold," Adam Sieminski, chief energy economist at Deutsche Bank, wrote in a recent research note. "Looking into the second quarter we believe oil prices are starting to find a floor."
http://money.cnn.com/2009/03/18/markets/oil_prices/index.htm?postversion=2009031909
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