Oil Prices Jump on OPEC Announcement
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Oil prices jumped almost $1 to more than $62 a barrel this afternoon after the Organization of Petroleum Exporting Countries announced plans to cut production by 500,000 barrels a day.
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LONDON  - Oil prices rebounded on concerns that OPEC producers might announce a surprise cut in output quotas when they meet later this week, following a recent market sell-off, analysts said.
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Oil prices rise amid colder weather in the US and speculation that oil cartel Opec might cut output.
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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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Oil prices climb after a report shows a bigger drop than expected in US oil stocks, a day before a crucial Opec meeting.
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Oil rose above $59 a barrel on Wednesday after Kuwait said it may join other OPEC countries in cutting output if prices continue their three-month slide.
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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 jumped more than a dollar,  climbing above $48 a barrel on Wednesday after U.S. data showed  the disruption caused by Hurricane Ivan had eaten into fuel  stocks.
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Oil prices added to strong gains on Thursday, spurred by persistent OPEC talk of a cut in supplies ahead of the second quarter that could drain healthy U.S. stockpiles before summer.
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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 rally as the president of Opec says the producers group is considering a cut in output.
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Oil prices surge to record levels as traders bet that the Opec nations will reduce output.
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OPEC will take one million barrels of oil  a day off oversupplied world markets as soon as possible with  its first output cut in more than two years, a senior OPEC  delegate said on Thursday, sending oil prices up nearly $1.50.
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Oil jumped a dollar to above $60 on Thursday after OPEC officials said the producer group will cut output by 1 million barrels per day as soon as possible to prop up prices.
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OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices $1.50 higher.
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Oil prices rose off three-month lows yesterday, after an attack on the US consulate in Saudi Arabia and reports of an OPEC pledge to raise its minimum price target.
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NEW YORK : World oil prices rose on Wednesday as traders reacted coolly to news of a rise in US commercial energy reserves, sweating instead about an OPEC gathering in Cairo this week.