Oil prices to remain high as OPEC cuts output
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World oil prices continue to remain volatile after the Organization of Petroleum Exporting Countries (OPEC) decided over the weekend to cut production output by one million barrels per day.
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Oil prices steadied on Friday after a  five percent surge on Thursday as OPEC producers signaled their  readiness to support prices by cutting supply.
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Oil dropped $1 on Monday as OPEC looked   set to keep pumping at high rates to ensure world consumers   were well-supplied despite a 20 percent fall in prices since   mid-July.
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VIENNA, Austria -- Shrugging off calls to pump more oil, OPEC ministers decided to keep output at present levels at their meeting Friday out of fear that a softening global economy will translate into weakened demand.
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Oil prices rebounded on Tuesday as  fresh violence rocked Iraq ahead of elections later this month  and Saudi Arabia, OPEC's top producer, said it is making good  on a pledge to cut output.
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Oil steadied at a seven-day high of   just under $63 a barrel on Thursday, following the previous   day's $2 leap as traders awaited clearer signs from OPEC on   whether it would cut output to counter swelling U.S. stocks.
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Oil prices held firm on Wednesday as  Hurricane Ivan closed off crude output and shut refineries in  the Gulf of Mexico, while OPEC's Gulf producers tried to  reassure traders by recommending an output hike.
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VIENNA : OPEC insisted that high oil prices were a result of speculation and vowed to provide enough crude to calm global markets, while an energy research group warned prices could remain high for some time.
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Oil prices edged higher 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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The high price of oil will continue until the end of March 2008, the president of OPEC said Saturday.
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OPEC has agreed an oil output cut of 500,000 barrels per day, or two percent, delayed until February1 when the northern winter is ending, Qatar's oil minister said on Thursday, sending oil prices more than a dollar higher.
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VIENNA -- OPEC, the producer of 41 percent of the world's oil, probably won't cut output at a meeting here this week as mounting tensions between the United States and Iran bolster prices.
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Oil prices rose to near $63 a barrel on Friday, after BP Plc shut in output at an oil field in Alaska and OPEC members Nigeria and Venezuela pledged to cut production.
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U.S. oil prices edged higher for the second day in a row on Tuesday amid calls within OPEC to crack down on excess output at this week's meeting.
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WASHINGTON -- Oil prices settled above $60 a barrel yesterday on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.
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Oil prices steadied on Monday as OPEC member Saudi Arabia cut exports, helping to pull the market back from a five-month low hit earlier amid a bout of fund selling.
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Oil prices held strong Friday after a &#36;2, five percent surge higher as OPEC ministers weighed the timing of a possible further output cut for the spring.