Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Monday, November 20, 2006

3 Stories I'm Watching This Morning

1) ALGIERS (Reuters) - OPEC may decide on a second output reduction at its December meeting to strengthen the stability of oil prices, Algeria's Energy and Mines Minister Chakib Khelil said on Sunday. OPEC President Edmund Daukoru, Saudi Arabia and other Gulf OPEC members have all said they see scope for deepening a supply cut of 1.2 million barrels a day when OPEC next meets on December 14, pointing to high fuel stocks in top consumer the United States as evidence that the market remains oversupplied.

2) Gold firmed on Monday after last week's drop in prices spurred buying from jewellery makers in the run up to Christmas, while platinum reversed losses and gained nearly 2 percent on fund buying.

3) $26 Billion Deal Creates World's Top Copper Miner. Freeport-McMoRan will acquire Phelps Dodge for $25.9 billion in cash and stock to create the world's largest publicly traded copper company.

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