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OPEC says world to use more oil


Published: Thursday, November 12, 2009 at 4:03 a.m.
Last Modified: Thursday, November 12, 2009 at 4:03 a.m.

Oil prices ticked higher Wednesday as OPEC said the world would consume more crude in 2010 than previously expected, and China said its economy improved.

Benchmark crude for December delivery added 23 cents to settle at $79.28 a barrel on the New York Mercantile Exchange. In London, Brent crude for December delivery rose 45 cents to settle at $77.95 on the ICE Futures exchange.

The Organization of Petroleum Exporting Countries revised its previous estimates for global oil demand growth to 750,000 barrels per day, up 50,000 barrels a day from last month's estimate.

But OPEC also warned that higher oil prices "could dampen world oil demand in the coming year."

-- Press Democrat news services


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