InfoAnda - Oil price surges past $50 per barrel in New York

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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 price surges past $50 per barrel in New York AFP - Tuesday, December 16 LONDON (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." 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 falls after brief surge above 50 dollarsAFP - Tuesday, December 16 Three-month decline in gas prices stalls brieflyAP - Tuesday, December 16 OPEC wild cards: Size of output cuts, Russian helpAP - Tuesday, December 16 Oil price surges past $50 per barrel in New YorkAFP - Tuesday, December 16 Related Articles: Business China considering cut in car purchase tax -reportReuters - 23 minutes ago Nikkei down over 2 pct as exporters fallReuters - 23 minutes ago Exxon boosts diesel output as others scale backAP - 29 minutes ago Toshiba to cut memory chip output: reportAFP - 35 minutes ago Japan's two Morinaga firms deny merger reportReuters - 36 minutes ago Enlarge Photo Oil price surges past $50 per barrel in New York 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 US pyramid fraud scam hits Europe's biggest bank Bush laughs off Iraq flying shoes drama 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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