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Market extends advance as crude oil plunges more than 5.5% following comments by OPEC members

14:41

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Bloomberg.com reports that crude oil futures fell from a record in New York after Qatar's energy minister, Abdullah bin Hamad al- Attiyah, said OPEC should pump as much oil as possible to lower prices. The Organization of Petroleum Exporting Countries is meeting tomorrow to discuss raising oil production to prevent higher energy costs. "There are speculations terrorism is affecting the world production and that is not true," said Saudi Arabian Oil Minister Ali al-Naimi. "I can assure you the oil facilities in Saudi Arabia are secure. How we can convince the speculators is another matter." Al-Attiyah said OPEC is near a consensus to raise its output quota by 2.5 mln barrels a day, or 11%, a plan also backed by Kuwait. Saudi Arabia will ensure markets have enough supply, al-Naimi said. Algerian Oil Minister Chakib Khelil said he supported suspending the limits to show oil traders that prices should decline.