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Commodity Daily News
Oil Gains on Rising Global Demand
Thursday, 14 Oct 2010
Crude Oil prices snapped a 2 session losing streak to close higher Wednesday, on the heels of increased forecasts for world oil demand and a weaker dollar.
Oil climbed for a second day, rising 0.9 percent to $83.77 a barrel , ahead of a meeting of the Organization of Petroleum Exporting Countries (OPEC) today at which the group is expected to keep production unchanged and urge increased adherence to output quotas.
The price of crude in recent months has meandered between $75 and $85 a barrel, although it has been heading higher as the US dollar continues to soften.
