Oil prices surge 7% on world markets

Oil prices surge 7% on world markets
# 27 November 2008 07:57 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. Crude oil rose after China, the world’s second-biggest energy-consuming country, cut interest rates by the most in 11 years to bolster economic growth, Bloomberg reports.
Crude oil for January delivery increased $3.67, or 7.2 percent, to settle at $54.44 a barrel at 2:42 p.m. on the New York Mercantile Exchange. Futures have dropped 63 percent since reaching a record $147.27 on July 11.
Markets in the U.S. will be shut tomorrow because of the Thanksgiving holiday.
Brent crude oil for January settlement increased $3.57, or 7.1 percent, to settle at $53.92 a barrel on London’s ICE Futures Europe exchange.
The Organization of Petroleum Exporting Countries, which controls more than 40 percent of the world’s crude, is due to meet in Cairo on Nov. 29 after a decision last month to cut production by 1.5 million barrels a day failed to prevent the slump in prices.
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