Oil rises above US $60 amid reports of OPEC cuts

October 9, 2006 13:53

Oil prices rose Monday in a market more concerned about possible OPEC production cuts than over North Korea's nuclear test. The market was awaiting a possible formal decision on Monday by OPEC states about its output policy. Over the weekend, reports from services including Algerie Presse Service quoted OPEC officials as saying the 11-member cartel would reduce output by about 4 percent to stem a 24 percent decline in prices since mid-July. Light, sweet crude for November delivery rose 71 cents to US $60.47 a barrel in electronic trading on the New York Mercantile Exchange.

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