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Oil in ‘Sweet Spot’ as Year’s 1st OPEC Meet Nears

Sunday, June 8, 2014 7:01
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by Myra P. Saefong
Market Watch

SAN FRANCISCO (MarketWatch) — The oil market hasn’t seen a lot of price volatility this year and traders have the Organization of the Petroleum Exporting countries to thank for that.

As OPEC members prepare for their first meeting of the year this Wednesday, they’ve already found a price target and output quota for oil that actually works, even in a market that’s had to deal with turmoil in the Middle East, tensions with Russia over Ukraine, near-record crude supplies and rising production in the U.S., and a slowdown in Chinese economic growth.

That’s quite a feat and one that’ll take a lot of finessing to keep.

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