Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

South Africa : 20 children killed in a bus crash near Pretoria

Read more

MEDIAWATCH

An Election in the Shadow of Terror

Read more

#TECH 24

How fintech is helping the unbanked

Read more

FRANCE IN FOCUS

Turning up the heat with French firefighters

Read more

THE WORLD THIS WEEK

Champs-Elysées attack: What impact on Sunday's French election? (part 1)

Read more

THE WORLD THIS WEEK

After Brexit and Trump: World waits on French presidential election (part 2)

Read more

REPORTERS

Battle to stop nuclear waste being buried in a French village

Read more

THE CAMPAIGN BEAT

After Champs-Élysées attack, security takes centre stage in election campaign

Read more

PEOPLE & PROFIT

Brexit: Come what May

Read more

Business

New York crude back over the $50 mark

Latest update : 2008-12-15

Forecasts of a slowdown in oil production have driven the price of crude oil back over the $50 mark in New York for the first time in two weeks. OPEC members meet in Algeria on Wednesday to decide on a likely output cut.

AFP - The price of New York crude oil soared above 50 dollars per barrel on Monday for the first time for two weeks as the market was driven by expectations that OPEC will cut crude output this week, traders said.

Light sweet crude for delivery in January delivery jumped to 50.05 dollars per barrel, hitting the highest level since December 1 on the New York Mercantile Exchange (NYMEX).

On London's InterContinental Exchange (ICE), Brent North Sea crude for January leapt as high as 49.96 dollars a barrel, which was also a two-week pinnacle.

"Crude prices pushed higher on hopes of hefty supply cuts by OPEC," said Nimit Khamar, analyst at the Sucden brokerage in London.

The Organization of Petroleum Exporting Countries (OPEC) meets in Oran, Algeria, on Wednesday and is widely forecast to slash output in the hope of lifting prices weighed down by mounting global recession worries.

OPEC Secretary General Abdalla Salem El-Badri told reporters on his arrival in Oran that he would like to see "a very sizeable cut" in crude oil production, adding that "the market is oversupplied with oil."

Date created : 2008-12-15

COMMENT(S)