Oil Rises as OPEC Restates Its Commitment to Stabilize Prices

By Mark Shenk

Dec. 22 (Bloomberg) -- Crude oil rose after OPEC restated its commitment to enact record production cuts announced last week in the face of a global economic slowdown.

The Organization of Petroleum Exporting Countries is “determined” to stabilize oil markets, Saudi Oil Minister Ali al-Naimi told reporters in Doha, Qatar, yesterday.

Crude oil for February delivery rose 31 cents, or 0.7 percent, to $42.67 a barrel at 9:34 a.m. on the New York Mercantile Exchange. Prices have dropped 71 percent from a record $147.27 on July 11.

Brent crude oil for February settlement increased 3 cents to $44.03 a barrel on London’s ICE Futures Europe exchange.

To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net.