Africa Map

African Press Agency

African Press Agency Logo
   

 Home
 Culture/Media/IT
 News
 Environment/Natural Resources
 Events
 Religion/Civilisation
 Business/Finance
 Global Conflicts/Terrorism
 Features
 Sports
 Science & Tech
 Economic & Social Development
 Energy/Mining
 Country Profile
 Useful Links
 Contact us

Business/Finance

OIL/OPEC CUTBack
[Published: Monday December 08 2008]

Oil prices up on talk of Opec cut

London, 08 Dec-(ANA)-Oil prices have rebounded from four-year lows after Opec's president said the oil cartel could announce a large reduction in oil production.

US light, sweet crude rose $2.55 to $43.36 a barrel and London's Brent crude went up $2.51 to $42.25 a barrel.

On Friday, oil prices fell to a low of $40.50 after weak US economic data.

Opec President Chakib Khelil said on Saturday the cartel could "surprise" markets with an output cut at its meeting on 17 December in Algeria.

He did not specify how big the cut could be, but said that some analysts were expecting a reduction of up to 2 million barrels per day.

"The possibility of Opec moving to tighten up the oil market is real," said David Moore at Commonwealth Bank of Australia.

A jump in stock markets and hopes for a stimulus plan for US carmakers also helped support oil prices.

Oil prices reached an all-time record of $147 a barrel in July.

Now analysts forecast much lower prices amid the worsening situation in the global economy.

Merrill Lynch said crude prices could fall to $25 a barrel if China is hit hard by the global recession. (ANA)

FA/ANA/08 December 2008---

 


North South News website

Advertise banner

News icon US/Church
News icon EU/Ireland
News icon Amnesty/Cameroon
News icon SA/Cannabis
News icon Zambia/Aid
News icon Liberia/Banknotes
News icon Yemen/Children
News icon Trump/Nominee
News icon N Korea/Missiles
News icon US/Refugees

AFRICAN PRESS AGENCY Copyright © 2005 - 2007