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Crude oil up on possible OPEC production cut

Posted on 21 October 2008

From Xinhuanet.com: Crude oil went up on Monday as investors predicted that the OPEC will almost certainly decide to cut crude output at an emergent meeting later this week. Light, sweet crude for November delivery rose 2.40 U.S. dollars to settle at 74.25 dollars a barrel on the New York Mercantile Exchange. The futures rose as high as 76.12 dollars a barrel during the trading.

Crude mainly gained on OPEC’s decision of production cut. OPEC President Chakib Khelil said Sunday the organization plans to announce a “substantial” output cut at the meeting held on Friday in Vienna….. Full Article: Source


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VRS - who has written 37062 posts on Opalesque Commodities Briefing.


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