Oil rises as production cut looms
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Oil prices rise above $63 a barrel after the president of the Opec producers cartel says he favoured another cut in output.
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LONDON  - Oil prices pushed higher, extending sharp gains seen late last week as cold weather forecasts for the United States and Europe rattled markets nervous about tight winter supplies.
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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 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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Oil gained nearly $1 to trade above $62 a barrel on Thursday after OPEC decided to cut its output by 2 percent starting in February.
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Oil rose above $63 on Thursday after a   report that key OPEC producers, including Saudi Arabia, had   agreed unofficially to cut production to stem falling prices.
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Oil prices rose on Wednesday, pushed upwards by technical buying, but struggling to break above the narrow range that has persisted this month.
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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 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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Oil prices rose on Monday as the OPEC  cartel said it might cut supply as the Northern Hemisphere  winter draws to a close.
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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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After producing at the fastest pace in 25 years, the cartel is ready to cut back, but just a bit. CAIRO, Egypt  - Oil prices rose Friday as OPEC oil producers were poised to stamp out excess supply that has lowered world prices from record highs.
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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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Wall Street appeared set to rise as investors positioned themselves ahead of an expected interest rate cut by the Fed and bought into energy stocks as oil prices continued to rise.
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Oil futures rose as high as $80.50 and other energy futures rose today on expectations the Fed will cut the benchmark federal funds rate.
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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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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.