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Oil prices move up

24 November 2008 08:11 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Crude oil rose for a second day in New York on speculation further production cuts by the Organization of Petroleum Exporting Countries will prevent a glut in supplies, reports Bloomberg.
Crude oil for January delivery rose as much as $1.41, or 2.8 percent, to $51.34 a barrel in after-hours electronic trading on the New York Mercantile Exchange. Prices are down 66 percent from the record $147.27 a barrel on July 11.
Oil gained 1 percent to $49.93 a barrel on Nov. 21, the first increase in six days, as a report forecast a 3.8 percent decline in OPEC shipments this month and the Standard & Poorâ€™s 500 Index climbed from an 11-year low. Oil traded at a three-year low of $48.25 earlier that session.
Brent crude oil for January settlement rose as much as 81 cents, or 1.7 percent, to $50 a barrel on Londonâ€™s ICE Futures Europe exchange today. The contract gained 2.3 percent to $49.19 on Nov. 21.