Don't miss

Replay


LATEST SHOWS

FRANCE IN FOCUS

French presidential election: Over 40% remain undecided

Read more

EYE ON AFRICA

ICC orders Congo warlord germain Katanga to pay victims

Read more

MEDIAWATCH

Trumpcare Falls Before First Hurdle

Read more

THE WORLD THIS WEEK

Westminster Attack, Abadi in Washington (part 1)

Read more

THE WORLD THIS WEEK

Obamacare, Europe's Unholy Alliances, Martin McGuinness (part 2)

Read more

INSIDE THE AMERICAS

Export bans hit Brazil amid tainted meat scandal

Read more

#TECH 24

Inside Netflix's war room

Read more

FOCUS

French Catholic voters remain faithful to scandal-hit Fillon

Read more

PEOPLE & PROFIT

Growing ambitions: The forces driving India's economy

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)