OPEC saysit has lost control of oil prices
Despite a pledge by OPEC ministers to increase oil production, don't expect much of a break on oil prices. With crude oil prices hitting a record $56 a barrel Wednesday, OPEC ministers meeting in Iran have been grappling with a problem they havenít confronted in the cartelís 45-year history. In the past, OPEC tried to cool overheated prices by pumping more when supplies got too tight. But most OPEC producers say theyíre already pumping as fast as they can. And despite the high cost of a barrel of crude, world demand shows no signs of slowing.