Global Slowdown

Everything is in favour of a crude price drop, the world economy is showing signs of a global slowdown, other alternative energy are on the increase and still crude producers and speculators persist in keeping the crude price above $100, they have now reached a point of no return as oil steadied above $100 on Wednesday as OPEC ministers indicated they were likely to keep output unchanged despite U.S. calls for action to reduce crude prices.
The U.S. weekly oil data is expected to show a 2.4 million barrel rise in crude inventories, the eighth straight week of gains, and a 900,000-barrel increase in gasoline stocks that are already at a 14-year high.
Crude oil for April delivery was trading at $100.32 a barrel, on the New York Mercantile Exchange at 12 p.m. London time, little changed from when OPEC ministers began closed-door discussions two hours earlier, on Tuesday, it fell nearly $3 to close at $99.52 as some investors tried to take profits from a record high of $103.95 struck on Monday.
London Brent crude climbed to $98.13.
The production limit for 12 of OPEC's 13 members is 29.67 million barrels a day. A decision to keep quotas unchanged was expected by 29 of 30 analysts surveyed
The market has kept a close eye on Wednesday's meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna to see how the producer group will react to the recent rally in oil prices to triple digits.
The group accounts for about a third of world oil output.
Remarks so far from OPEC ministers ahead of the meeting suggest the producer group is likely to leave output unchanged.
U.S. President George W. Bush warned on Tuesday it would be a "mistake" for OPEC ministers to ignore the pain record-high oil prices are inflicting on the United States, the world's top energy consumer.

OPEC members are expected to ignore his call ...especially having seen yesterday's price action. The key will be a unified communique and this will be their downfall..
Saudi Arabia's Oil Minister Ali al-Naimi, OPEC's most influential voice, said in remarks published on Wednesday he saw no need to change production because oil market fundamentals were steady and "healthy". He blamed record high prices on "tremendous speculation", however the OPEC group also practice the art of "tremendous speculation".....

OPEC's President Chakib Khelil of Algeria also told Reuters on Wednesday d output policy will stay unchanged.