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Oil prices remain down 16% from a year ago

21 October 2008 08:55 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. rude oil rose more than $2 a barrel on signs that the Organization of Petroleum Exporting Countries may cut output to halt a 50 percent drop in prices since July, Bloomberg reports.
OPEC may pare production by 1 million to 2 million barrels a day in stages at an Oct. 24 meeting to stabilize prices, said Chakib Khelil, the groupâ€™s president. Deutsche Bank AG lowered its 2009 crude-oil price estimate by 35 percent to $60 a barrel, citing the possibility of a â€œmajor world recession.â€™â€™
Crude oil for November delivery rose $2.40, or 3.3 percent, to settle at $74.25 a barrel at 2:45 p.m. on the New York Mercantile Exchange. Prices are down 16 percent from a year ago.
Meanwhile, London Brent crude settled $2.43 higher at $72.03 a barrel.