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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Oil bounces off 4-year lows to near $43 a barrel By ALEX KENNEDY,Associated Press Writer AP - 2 hours 58 minutes ago SINGAPORE - Oil prices bounced off four-year lows to near $43 a barrel Monday in Asia after OPEC's president suggested the group could surprise investors with a large production cut later this month. Light, sweet crude for January delivery was up $2.01 to $42.82 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract fell Friday nearly $3 to settle at $40.81. Prices fell as low as $40.50, levels last seen in December 2004. Chakib Khelil, president of the Organization of Petroleum Exporting Countries, said Saturday the group could announce a "severe" reduction of output quotas at its next meeting on Dec. 17 in Algeria. The OPEC head would not specify how deep the output cut would be, but noted that some analysts are predicting a decrease of as much as 2 million barrels per day. An output decision that startles markets would help bolster plunging oil prices, Khelil said. "The best way is to surprise them," he said. "I hope it will." OPEC will likely cut production by at least 1 million barrels a day, said David Moore, commodity strategist with Commonwealth Bank of Australia in Sydney. "The possibility of OPEC moving to tighten up the oil market is real," Moore said. "As we get closer to the meeting, people may get more wary that OPEC may make a large cut." OPEC announced a production cut of 1.5 million barrels a day in October and investors largely ignored it, focusing instead on a global economic slowdown that has weakened crude demand. President-elect Barack Obama warned Sunday that the U.S. economy, which saw the worst job data in 34 years on Friday, would get worse before improving. The price of oil has fallen about 70 percent since peaking at $147.27 in July. "Pessimism about the international outlook has remained intense," Moore said. "Concerns about weakening oil demand have not gone away. You have to look at today's movement in the oil price in light of the ferocious decline over the past week." In other Nymex trading, gasoline futures rose 4.37 cents to 94 cents. Heating oil gained 4.35 cents to $1.47 a gallon while natural gas for January delivery slid 15 cents to 5.59 per 1,000 cubic feet. In London, January Brent crude rose $2.12 to $41.86 on the ICE Futures exchange. 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 Oil bounces off 4-year lows to near $43 a barrelAP - 2 hours 58 minutes ago AP Interview: OPEC head predicts output cutsAP - Sunday, December 7 Oil prices slide to four-year lows on weak US jobs dataAFP - Saturday, December 6 Oil price falls below $40AFP - Saturday, December 6 Related Articles: Business Europe stock futures point to sharply higher openReuters - 32 minutes ago S.Korea c.bank to inject $3 billion via Fed creditReuters - 33 minutes ago RESEARCH ALERT-JPMorgan cuts earnings f'casts for UMCReuters - 38 minutes ago China stocks end up 3.6 pct in heavy tradeReuters - 39 minutes ago Spanish stocks - Factors to watch on MondayReuters - 40 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Diamond thieves pull off 100-million-dollar Paris heist Girl, 8, among 17 dead in Manila shoot-out: police Vinnie Jones gets into bar fight over role in X-Men Oil price falls below $40 Climate change: Sci-fi solutions no longer in the margins View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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