By Christian Schmollinger
Oct. 23 (Bloomberg) -- Crude oil rose in New York, rebounding from a 16-month low ahead of a meeting of the Organization of Petroleum Exporting Countries to discuss production cuts.
Crude oil for December delivery rose as much as $1.06, or 1.6 percent, to $67.81 a barrel on the New York Mercantile Exchange. It was at $67.60 a barrel at 8:24 a.m. Singapore time. Yesterday, crude oil futures fell $5.43 to $66.75 a barrel in New York, the lowest settlement since June 13, 2007.
Prices, which have tumbled 55 percent since reaching a record $147.27 on July 11, are down 24 percent from a year ago.
To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net.
Thursday, October 23, 2008
Crude Oil Rises Ahead of OPEC Meeting to Discuss Output Cuts
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment