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Oil prices hovers over $47, awaiting OPEC meeting

14 March 2009 09:07 (UTC +04:00)

Baku-APA. Oil prices rose to near $48 a barrel Friday as investors wondered whether OPEC will announce a production cut at its meeting on Sunday, and how big the cut might be, AP reported.
Benchmark crude for April delivery was up 70 cents to $47.73 a barrel by mid-afternoon in Europe on the New York Mercantile Exchange. Earlier in the session, prices peaked at $48.14.
Oil prices soared $4.70 on Thursday to settle at $47.03.
In London, Brent prices gained 74 cents to $45.83 on the ICE Futures exchange.
Prices have lurched between $42 and $47 this week as leaders of the Organization of Petroleum Exporting Countries sent mixed signals about a possible output reduction.
OPEC issued its monthly oil market report on Friday, lowering the 2009 global demand estimate by a further 400,000 barrels a day to 84.6 million barrels, 1 million barrels a day less than in 2008.