Bourse

Bourse

Oil prices rose 19 cents

14 January 2009 09:32 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil rose for the first time in six days in New York after Saudi Arabia said it will make deeper supply cuts than announced to bolster prices, Bloomberg reports.
Crude oil for February delivery rose 19 cents, or 0.5 percent, to settle at $37.78 a barrel at 2:43 p.m. on the New York Mercantile Exchange. Oil is down 59 percent from a year ago.
February production will be â€œlower than the targetâ€ set at a Dec. 17 OPEC meeting, Saudi Oil Minister Ali al-Naimi said as he arrived for a conference in New Delhi today. The country is currently producing 8 million barrels a day, about level with its 8.051 million-barrel-a-day allocation.
Brent crude oil for February settlement rose $1.92, or 4.5 percent, to settle at $44.83 a barrel on Londonâ€™s ICE Futures Europe exchange.