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West Texas crude traded higher in Monday’s action, shortly after OPEC announced plans that the oil producing group will stick with its initial plan to increase production by 400,000 barrels per day starting next month. Many experts has hoped OPEC would increase production to alleviate some of the growing pressure thanks to increased demand. Because of that, oil prices approached $77 per barrel, an over1.5% increase

Now investors are speculating that oil prices could be headed toward $80 per barrel in the not too distant future.

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