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Reply #4: Oil bounces off 4-year lows to above $43 a barrel [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 05:51 AM
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4. Oil bounces off 4-year lows to above $43 a barrel
SINGAPORE Oil prices bounced off four-year lows to above $43 a barrel Monday in Asia after OPEC's president suggested the group could surprise investors with a large production cut later this month.

Light, sweet crude for January delivery was up $2.45 to $43.26 a barrel in electronic trading on the New York Mercantile Exchange by late afternoon in Singapore. The contract fell Friday nearly $3 to settle at $40.81. Prices fell as low as $40.50, levels last seen in December 2004.

Chakib Khelil, president of the Organization of Petroleum Exporting Countries, said Saturday the group could announce a "severe" reduction of output quotas at its next meeting on Dec. 17 in Algeria.


In other Nymex trading, gasoline futures rose 5.18 cents to 95 cents. Heating oil gained 5.80 cents to $1.48 a gallon while natural gas for January delivery slid 20.6 cents to 5.59 per 1,000 cubic feet.
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