Oil Rises as OPEC Considers Supply Cut
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Oil prices rose for the second day in a row on Thursday as several OPEC ministers called for the cartel to stop producing more oil than its official target.
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London - Crude oil prices yesterday rose from a three-month low on disruptions to supplies from Nigeria and Norway and comments by Opec officials that output from the oil producers&#39; cartel might be reduced.
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Oil prices held strong Friday after a  $2, five percent surge higher as OPEC ministers weighed the  timing of a possible further output cut for the spring.
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Crude oil rose from a three-month low on disruptions to supply from Nigeria and Norway and after OPEC members said they may need to cut output after prices plunged.
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Crude oil futures may rise next week as temperatures plunge in the US and Europe, boosting demand for heating oil, and refiners stock up before OPEC&#39;s planned production cut, a Bloomberg survey of traders and analysts shows.
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Oil rose more than $1 to above $62 a barrel on Thursday after OPEC decided to cut its output by 2 percent starting in February.
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Oil prices rise on speculation that producer cartel Opec may unveil  cuts in output at its December meeting.
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Oil prices rose on Friday, ending a  three-day losing streak, as dealers weighed OPEC's threat to  cut production against healthy supplies of crude and gasoline  in the United States, the world's biggest consumer.
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Oil climbed above $91 on Tuesday as stock markets rose on hopes of a fresh U.S. interest rate cut, with forecasts there will be a draw in U.S. distillate stocks and no change in OPEC output offering additional support.
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Oil prices rise higher after a report shows a bigger drop than expected in US oil stocks, a day before a crucial Opec meeting.
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Crude oil futures prices rose Wednesday amid concerns about tight heating oil supplies and fears that OPEC could rein in output when it meets later this week.
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OPEC is capable of increasing oil output levels by a further 1.5 million barrels per day to help ease pressure on the market but new supplies may not lower prices, the organisation&#39;s president says.
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Oil prices added to strong gains on  Thursday, spurred by persistent OPEC talk of a cut in supplies  that could drain healthy U.S. stockpiles before summer.
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VIENNA, Austria -- Oil prices rose above $62 a barrel Thursday as OPEC delegates said they had agreed in principle to leave production unchanged for now but set the stage for a likely cut of half a million barrels a day in February.
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Oil prices surged more than 2 percent  on Wednesday amid worries a possible OPEC output cut this  spring could quickly sap swelling U.S. crude and gasoline  stockpiles.
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Crude oil prices rose Wednesday ahead of US petroleum inventory data and an OPEC meeting this week at which the group could decide on a production cut.
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Oil edged up to $63 a barrel on Friday after OPEC agreed to cut supply for a second time in two months, underlining its determination to manage the market and prop up prices.