Oil above $58/barrel after Norway cuts production

October 14, 2006 00:20

Oil prices rose Friday after Norway ordered production shut down at two offshore platforms, reducing flows by about 10 percent from the world's third-largest oil exporter. A decline in US inventories of distillate, which includes heating oil, also played a part in the rally, and traders continued to watch OPEC for any sign that the cartel will cut output. Saudi Arabia - the largest producer in the Organization of Petroleum Exporting Countries _ has yet to publicly confirm repeated statements from OPEC's president that members are "nearing consensus" on how to divvy up a 1 million-barrel-a-day reduction.

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