Greedy OPEC Rejects Calls for Supply Hike

Energy ministers from OPEC rejected calls from US and European representative to supply additional crude for world markets late yesterday, pushing crude futures close to all-time highs. Prices jumped about $110 this morning, close to the $111.80 high set in mid March. But Chakib Khelil, the cartel’s head, is in no hurry to provide any relief:

There is really no need for increasing the supply … Stocks are in pretty good shape [and] we are entering the period when we see lower demand.

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