Oil prices went up 1.6%

Oil prices went up 1.6%
# 24 October 2008 10:15 (UTC +04:00)
Baku. Vugar Mustafayev – APA-Economics. Crude oil rose from a 16-month low as OPEC’s president said that members had reached a consensus on the need to trim production and Iran said the cut may be as much as 2 million barrels a day, Bloomberg reports.
Crude oil for December delivery rose $1.09, or 1.6 percent, to settle at $67.84 a barrel at 2:42 p.m. on the New York Mercantile Exchange. Futures touched $65.90 early today, the lowest intraday price since June 13, 2007. Prices are down 20 percent from a year ago.
Brent crude oil for December settlement rose $1.40, or 2.2 percent, to settle at $65.92 a barrel on London’s ICE Futures Europe exchange.
Gasoline for November delivery increased 0.69 cent, or 0.4 percent, to settle at $1.5778 a gallon in New York.
Tomorrow’s OPEC meeting in Vienna is scheduled to begin at 9 a.m. local time.
The last time OPEC lowered quotas was at a December 2006 meeting in Abuja, Nigeria. The 500,000 barrel-a-day cut took effect in February 2007, expanding an earlier reduction agreed to in October. The cuts were reversed later in 2007 as prices rose.
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