Oil Prices Approach All-Time High

Hopes set on sign from OPEC meeting that production will increase
By Kevin Spak,  Newser Staff
Posted Sep 7, 2007 3:16 AM CDT
President of the EU Energy Council and Federal Minister of Economics and Technology of Germany Michael Glos, President of the OPEC and Minister of Energy from the United Arab Emirates Mohamed bin Dhaen...   (Associated Press)
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(Newser) – The price of oil approached a record high yesterday, hiking interest in next week’s OPEC meeting in Vienna, where observers hope the association will give some positive sign that production will increase. OPEC, however, seems divided on the matter, with the group’s president calling the market “very well balanced,” according to the Financial Times.

The latest price hike can be traced to growing Middle East tensions, particularly news that Israeli planes had entered Syrian airspace. Prices will likely remain high, one US oil executive predicts, because of strong demand from Asia and the Middle East coupled with a weak supply. US gasoline stocks fell 2.3 million barrels to their lowest level in almost two years.