Oil rises on OPEC cut
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Oil rose 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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Oil prices rose more than $1 a barrel yesterday after an attack on an oil facility in Iraq and after Saudi Arabia's oil minister said OPEC might decide to cut output again when it meets next month.
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Oil prices climbed above &#36;41 a barrel on Monday after Saudi Arabia cut January crude deliveries to clients in Asia, confirming that the top exporter was adhering to OPEC's agreement last week to curb excess supply.
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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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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, a senior OPEC  delegate said on Thursday, sending oil prices up nearly $1.50.
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Oil rose on Tuesday as expectations the Federal Reserve would cut interest rates again this week and OPEC would maintain output cuts offset concerns of a potential U.S. recession.
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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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NEW YORK, September 3 (New Ratings) - Oil prices climbed yesterday on the news that Yukos Oil has issued a warning of a production cut.
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Oil prices edged up on Thursday after a larger-than-expected drop in U.S. crude stocks and as traders waited to see if OPEC ministers meeting in Nigeria would hold off from making further cuts to output.
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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.
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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 held firm above $47 a  barrel as worries about a possible cut to OPEC production  curbed fears of a slowdown in second-quarter demand.
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Prices of crude oil on the world market will go up after the Organization of Petroleum Exporting Countries (OPEC) decided Friday to cut oil production by1 million barrels a day, said a Mexican analyst on Sunday.
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Oil prices climbed above $63 a barrel on Friday as dense fog delayed crude shipments to refineries along the U.S. Gulf Coast a day after OPEC agreed to cut output for a second time in two months.
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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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Oil jumped 75 cents to nearly $62 a   barrel on Wednesday as expectations that producing cartel OPEC   may slash output to defend prices countered rising U.S.   inventories.