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After almost reaching $80 a barrel in July, oil prices have dipped below $64, and the Organization of the Petroleum1 Exporting Countries (OPEC) is worried about further price drops. At a meeting in Vienna, the cartel of mostly mideastern oil-producing countries decided2 to reduce their output to keep demand up while leaving production limits at current levels. According to a Morgan Stanley research note, "Although risks remain, we now think that the $80 peak we had called is indeed the peak and that the ebb3 of crude oil and refined products prices has started." Risks include a possible cutoff of Iranian oil exports if political tensions with the country get worse. The lack of United Nations sanctions against Iran, along with the ceasefire between Israel and Hezbollah and a light hurricane season in the United States, contributed to the price drop. The International Monetary4 Fund's chief economist5 announced that oil prices would continue to be volatile6.
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1 petroleum | |
n.原油,石油 | |
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2 decided | |
adj.决定了的,坚决的;明显的,明确的 | |
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3 ebb | |
vi.衰退,减退;n.处于低潮,处于衰退状态 | |
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4 monetary | |
adj.货币的,钱的;通货的;金融的;财政的 | |
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5 economist | |
n.经济学家,经济专家,节俭的人 | |
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6 volatile | |
adj.反复无常的,挥发性的,稍纵即逝的,脾气火爆的;n.挥发性物质 | |
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