Will OPEC Allow $99 Oil?

Commodities traders are keeping an ear to the ground eager for any news ahead of OPEC’s Tuesday meeting. Will the oil cartel attempt to send crude prices soaring?

Senior oil officials from Iran and Libya said Monday that there is too much crude on the market, and that OPEC is reviewing whether supply exceeds demand before deciding whether to cut back production.

But the energy minister of the United Arab Emirates said OPEC's policy of keeping the world oil market "well supplied" has not changed.

The comments came on the eve of a meeting of OPEC oil ministers who will decide whether to reduce production or keep it steady. Oil prices have fallen nearly 30 percent from their highs of almost $150 a barrel, prompting general concern among OPEC's 13 members.

OPEC President Chakib Khelil seemed to support, at least in principle, the hawkish stance that current oil supplies are enough to satisfy global demand.

Asked what OPEC's likely decision would be regarding output, Khelil said "all options are open."

Fast Money's Joe Terranova doesn't think a cut is imminent. "I expect them to talk about adherence and adhering to quotas," he says. "If that doesn't happen then at their December meeting they could cut production."

How do you trade it?

You have to be flexible, replies Terranova. Maybe start to look at the refiners but there are so many unknowns it’s crazy to commit. It’s not a United States Natural Gas Fund or United States Oil Fund play, not yet.

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Trader disclosure: On Sept 8, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (DIS), (WMT), (MSFT) Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MST), (NUE); Najarian Owns (NVO); Najarian Owns (AAPL) And (AAPL) Collar; Najarian Owns (LEH) Put Spread And (LEH) Call Spread; Najarian Owns (MER) Put Spread; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (NOK) And Is Short (NOK) Calls; Najarian Owns (RIMM) Call Spread; Najarian Owns (XLF) And (XLF) Collar; Finerman Owns (GS); Finerman's Firm And Finerman Own (FLS); Finerman's Firm And Finerman Own (C) Leaps; Finerman's Firm Owns (HUN) Leaps; Finerman's Firm Owns (MO), (MSFT), (NOK), (SUN), (TSO), (VLO), (GE); Finerman's Firm Is Short (XLF), (IYR), (IJR), (MDY), (SPY), (IWM), (BAC), (COF); Finerman's Firm Is Short (BBT) And Owns (BBT) Puts

Terranova Owns (VLO), (GS), (EOG), (NOV), (RIMM), (AAPL), (KOL), (SA); Terranova Owns (AIG) Puts

Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (BRE), (CNTY), (CNW), (CLB), (OFC), (DLM), (DRH), (DLR), (EPR), (ESS), (EXR), (AGM), (FL), (GBL), (GNET), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (GWX), (SSYS), (SKT), (UA), (BIV), (VV), (BLV), ; Phoenix Investment Partners Owns More Than 1% Of Goldman Sachs Financial Square Fund - Money Market Fund; Phoenix Investment Partners Owns More Than 1% Of Seagate Technology Tax Refund Rights

Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

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