Crude Oil Rises on Speculation OPEC Will Make Further Output Cut

By Will Kennedy

Feb. 16 (Bloomberg) -- Crude oil gained for a second day on speculation OPEC ministers will cut production further when they meet next month.

Iran’s Organization of Petroleum Exporting Countries governor, Mohammad Ali Khatibi, said yesterday the group may reduce output if prices remain below $40 a barrel.

Crude oil for March delivery gained as much as 52 cents, or 1.4 percent, to $38.03 a barrel on the New York Mercantile Exchange. It traded at $37.85 at 9:27 a.m. London time.