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Sunday 07th of September 2008
19/11/2007

Crude ends higher after OPEC meeting

Story link: Crude ends higher after OPEC meeting by Elaine Frei
Crude ends higher after OPEC meeting

After trading lower for most of the session, West Texas Intermediate crude January contracts gained 80 cents to $94.64 per barrel on the New York Mercantile Exchange on Monday after the Organization of Petroleum Exporting Countries refrained from boosting production after a weekend meeting in Saudi Arabia.

However, possible production hikes for the first quarter of next year will be discussed at a meeting early next month in Abu Dhabi, although the OPEC oil ministers again called the current market “well-supplied”.

Brent crude for January delivery added 66 cents to $92.28 per barrel on the ICE Futures Europe exchange in London.

Nymex December gasoline added 1 cent to $2.38 per gallon and January heating oil was up 2 cents to $2.62 per gallon, but January natural gas fell 21 cents to $8.14 per million British thermal units.

 

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