Oil Prices Up, OPEC Looking At Another Cut

By: Shane McAuliffe - Email

Updated: Mon 7:00 PM, Nov 24, 2008

The price of oil hit the lowest level in three and a half years at the end of last week but Monday, it's on the rise. Sweet crude rose $4.65 to just under $55 dollars a barrel, nearly a 10 percent jump. But the price at the pump around the Brazos Valley continues its decline.

The Conoco in Somerville is down to $1.67 for a gallon of gas, but if you want it cheaper, just head over to the HEB on Villa Maria.
There you can find gas for just $1.65 a gallon and in Huntsville gas is going for $1.59 a gallon.

But don't expect the price to stay this low forever. OPEC will meet on November 29th and speculation is that the oil cartel could cut output.
A move that is being supported by Iran and Venezuela.

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