InfoAnda - Oil higher in Asia on expectations of OPEC production cut

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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 higher in Asia on expectations of OPEC production cut AFP - 1 hour 52 minutes ago SINGAPORE (AFP) - - World oil prices rebounded in Asian trade Monday on expectations that OPEC will cut its production targets at a meeting this week, dealers said. Prices also lifted on signs that the White House could come to the rescue of the beleaguered US auto sector, they said. New York's main contract, light sweet crude for January delivery, gained 1.15 dollars to 47.43 dollars a barrel after closing Friday 1.70 dollars down at 46.28 dollars. Brent North Sea crude for January delivery rose 84 cents to 47.25 dollars a barrel. The contract closed Friday 98 cents lower at 46.41 dollars. Analysts say the Organisation of the Petroleum Exporting Countries (OPEC) is likely to announce plans to slash output in a bid to shore up crude prices when the cartel meets Wednesday in the Mediterranean port city of Oran, Algeria. Crude prices have tumbled almost 70 percent from record peaks of above 147 dollars struck in July on demand worries and key OPEC members have publicly made calls for further cuts to the cartel's production levels. Iran's oil minister said on Sunday that Tehran will call for an OPEC output cut of up to two million barrels a day at this week's meeting, the ISNA news agency reported. "Our position in the upcoming OPEC meeting in Algeria is a cut of 1.5 million to two million barrels per day in OPEC's quota output," Gholam Hossein Nozari was quoted as saying. OPEC, which pumps 40 percent of the world's crude, has cut its output twice since September by a total of 2.0 million barrels to 27.3 million barrels per day. "It's bouncing back up because there are expectations that the US automakers may get rescued after all, this time by the White House," said Victor Shum, a Singapore-based analyst with energy consultancy Purvin and Gertz. "There are also expectations that OPEC will make a substantial cut later this week when they meet. "So these two factors have help reduced the worries about the (weak) global economy slowing down demand for oil." President George W. Bush has hinted the government could tap a massive federal rescue package to aid the US automakers but said during a surprise trip to Afghanistan Monday that an agreement on how to remedy the carmakers' plight was not imminent. "We are not quite ready," he told reporters travelling with him on Air Force One, but added: "This will not be a long process because of the urgency." The Big Three US automakers -- General Motors, Ford and Chrysler -- have cautioned about the potential for millions of job losses, which would send ripple effects through the already faltering economy. The Senate failed Thursday to agree on a House of Representatives bill that would have funnelled 14 billion dollars in short-term loans to the Big Three in a bid to sustain them through to March. 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 higher in Asia on expectations of OPEC production cutAFP - 1 hour 57 minutes ago Oil rises to $47 as OPEC prepares production cutAP - Monday, December 15 OPEC divisions again on display heading to AlgeriaAP - Monday, December 15 Russia to attend OPEC summitAP - Sunday, December 14 Related Articles: Business S&P cuts Sri Lanka rating on fiscal concernsReuters - 29 minutes ago Russia c.bank allows 6th rouble weakening in 5 wksReuters - 31 minutes ago India Hot Stocks: McNally Bharat up on order winReuters - 32 minutes ago GLOBAL MARKETS-US auto bailout hopes boost Asia stocksReuters - 34 minutes ago S.Korea c.bank to supply $1 bln in 3-mth swapsReuters - 36 minutes ago Enlarge Photo Oil higher in Asia on expectations of OPEC production cut Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Queen Elizabeth II reins in extravagance as credit crunch grips Fortis bank, saved from collapse, again on shaky ground Russia crowned Miss World 2008 in African event White House: no action on auto bailout while Bush in Iraq View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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