Motorists with tanks on empty should consider filling up today in advance of an Organization of the Petroleum Exporting Countries meeting that could cut production.
The cost of crude oil has increased nearly 5 percent since Friday, continuing to tick up today in anticipation of an OPEC meeting Thursday. A barrel is still coming in about $20 cheaper than in early October.
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Experts expect OPEC to make a decision to cut oil production Thursday, limiting supply and sending oil prices higher in an effort to stabilize the market where prices plunged 22 percent in November alone. This would reverse a June decision to pump more oil to prevent a major price spike.
Oil demand has dropped in the winter months as fewer travelers hit the road while supply has increased. Analysts expect gas prices in Dayton to remain in the low- to mid-$2 range for the next couple months, but OPEC’s production cuts could cause a reverse in the dropping prices.
“Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices,” President Donald Trump tweeted today.
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