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World oil prices higher after OPEC refuses to rule out more cuts

Posted on 11 November 2008

From Zawya.com: World oil prices were higher in Asian trade Monday after OPEC refused to rule out further output cuts, dealers said. New York’s main contract, light sweet crude for December delivery advanced 2.80 dollars to 63.84 dollars.

Brent North Sea crude for December delivery rose 2.72 dollars to 60.07 dollars. OPEC president Chakib Khelil indicated over the weekend another round of production cuts may be on the cards if oil prices remained below the cartel’s preferred range of 70 to 90 dollars a barrel….. Full Article: Source


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