Oil prices rally after lowest point

Oil prices rally after lowest point
# 20 October 2008 08:26 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. Oil prices have recovered some ground, rallying above US$71 a barrel on speculation that OPEC could slash output in an effort to stop crude’s downward spiral.
Crude oil for November delivery rose as much as $1.34, or 1.9 percent, to $73.19 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $72.60 at 7:20 a.m. in Singapore.
The contract rose $2, or 2.9 percent, to $71.85 on Oct. 17, its first gain in four days. Oil dropped 7.5 percent last week as fuel stockpiles rose amid slowing demand. Prices reached a 14-month low of $68.57 on Oct. 16.
Brent crude oil for December settlement rose 40 cents, or 0.6 percent, to $70 a barrel on London’s ICE Futures Europe exchange. The contract jumped 2.6 percent to $69.60 on Oct. 17.
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