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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: World oil prices higher in Asian trade AFP - Thursday, October 30 SINGAPORE, Oct 30, 2008 (AFP) - World oil prices neared 70 dollars a barrel in Asian trade Thursday, extending gains after a cut in US interest rates powered a rally in global stock markets. New York's main contract, light sweet crude for December delivery surged 2.14 dollars to 69.64 dollars a barrel. It had jumped 4.77 dollars to 67.50 dollars a barrel at the close of floor trading in New York on Wednesday. Brent North Sea crude for December climbed 2.03 dollars to 67.50 dollars a barrel. It had soared 5.18 dollars to 65.47 dollars in London. Strong rebounds in global stock markets after the US Federal Reserve slashed its key interest rate by another 0.5 percentage points to 1.0 percent boosted oil prices, analysts said. The Fed's expected action came after China also chopped its benchmark one-year deposit rate by 27 basis points to 3.60 percent in a bid to spur economic growth, and expectations rose for rate cuts in Japan and Europe. "People are waiting to see the bottom in the equities market and some signs of stabilisation in the US and the world economy," said Tony Nunan, manager for energy risk at Mitsubishi Corp in Tokyo. He said a rebound in the stock markets was a good sign some stability was coming back. Nunan also said investors were realising that the credit crunch resulting from the financial crisis could affect future oil production, which would mean tighter supplies especially with the OPEC oil cartel cutting output levels. Ministers from the Organisation of Petroleum Exporting Countries agreed at an emergency meeting in Vienna last week to slash output by 1.5 million barrels a day from November 1 as the cartel seeks to shore up prices. On Tuesday, OPEC Secretary General Abdalla Salem El-Badri warned it could cut output again if prices keep falling. OPEC produces 40 percent of the world's crude oil. "People are coming to realise that OPEC is serious about cutting back production," Nunan said. The OPEC output cuts, along with likely project delays due to the worldwide credit crunch, will affect future oil production and lead to tighter supplies, he said. Other analysts said data showing that US crude oil reserves rose less than expected and that gasoline stockpiles surprisingly fell in the world's biggest energy consumer also supported oil prices. The US Department of Energy said crude oil rose by 500,000 barrels in the week ended October 24, sharply less that market expectations of a 1.6 million barrel increase. Gasoline stocks fell by 1.5 million barrels, instead of the 1.3 million barrel rise forecast. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike World oil prices higher in Asian tradeAFP - Thursday, October 30 WRAPUP 1-Russia to cut oil exports, tycoon seeks OPEC entryReuters - Thursday, October 30 LUKOIL says Russia could join OPEC, trim outputReuters - Thursday, October 30 Rosneft says 2008 best year; 2009 oil price $50-60Reuters - Thursday, October 30 Related Articles: Asia Pacific At least 215 dead as quake hits southwest PakistanAP - 1 hour 43 minutes ago Australia still plans to tax pollution from 2010AP - 1 hour 48 minutes ago Philippine Islamic militants release kidnapped aid workerAFP - 1 hour 51 minutes ago Chinese petition urges amnesty for cop killerAP - 2 hours 56 minutes ago GLOBAL MARKETS-Stocks surge, yen falls as risk taking improvesReuters - Thursday, October 30 Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Asia Pacific Viewed When men see red, they see hot: study World's fattest man weds friend's widow Obama set for prime-time appeal to voters Global financial woes hit China's 800 million farmers: state media Desperate pleas end in despair as starlet's nephew found dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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