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Crude prices rise as OPEC to cut production |
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09:01, November 01, 2008 |
Crude prices rose Friday as the Organization of Petroleum Exporting Countries (OPEC) moved to cut production.
Kuwait said on Friday it was cutting crude supplies by 5 percent in November while Venezuela suggested that the cartel should cut oil output by another 1 million barrels per day.
OPEC decided last week to cut output by 1.5 million barrels per day as crude prices plunged more than 50 percent from its peak of 147.27 U.S. dollars a barrel set in July.
Light, sweet crude for December delivery was 1.85 U.S. dollars to settle at 67.81 dollars on the New York Mercantile Exchange. London Brent crude settled up 1.61 dollars at 65.32 dollars.
Source:Xinhua
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