Iran says OPEC could cut output again in March… Russia-Ukraine gas row not finally resolved…

In the energy market Tuesday, crude for October delivery hit the skids again, closing at $91.15/barrel, down $4.56. October reformulated gasoline fell 16.1 cents, to $2.4008/gallon. The Fed decision was bullish for the U.S. dollar, as well as anti-inflationary, so it “could keep investment buying out of commodities,” said Darin Newsom, DTN senior analyst. But the market could find support from commercial buying at any time, he added.

In the energy market Thursday, crude for October delivery slid again, closing at $100.87/barrel, down $1.71. October reformulated gasoline, however, continued in the other direction, adding 8.7 cents, to $2.7488 a gallon.

Saudi Arabian oil production will rise to record levels in an attempt to reduce spiralling crude oil prices.

The Independent reports that Saudi Arabia’s King Abdullah signaled his commitment to increase Saudi oil production to UN secretary general Ban Ki-moon last weekend, following protests and riots over food and fuel inflation in countries as far apart as Spain and South Korea.

The Independent says the Saudis will begin pumping an extra half-a-million barrels of oil a day compared to last month, bringing Saudi oil production to 9.7 million barrels a day — their highest level ever.