OPEC puzzled about rising prices
Vienna: The head of OPEC, Sheikh Ahmad Fahad Al Ahmad Al Sabah, has said that the organisation is concerned about stubbornly high prices that continue to defy, what he has described as a well-supplied market, with adequate crude stocks worldwide. His statement has been issued by way of deflating speculative buying, that last week briefly drove prices above $55 a barrel.

The markets received another jolt with Venezuelan President Hugo Chavez saying that OPEC countries could fix a price for crude in a range of $40 to $50 per barrel, adding that low petroleum prices were a thing of the past.
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