Barrons.com The Organization of Petroleum Exporting Countries (OPEC) will meet on Thursday. The Implications for Oil Prices WTI crude, the US benchmark, is up 50% this year after climbing 0.1 percent to $72.98 on Tuesday, while the Energy Select Sector SPDR ETF (XLE) is up 44%, including dividends reinvested. The Organization of Petroleum Exporting Countries (OPEC) is meeting now, and some believe that an increase in oil supply is the most likely conclusion. According to a Wall Street Journal story, OPEC is considering increasing output by 500,000 barrels per day, while analysts at RBC Capital Markets predict OPEC to increase supply by 500,000 to 1 million barrels per day starting in August./n
Read More
