As OPEC readies to cut output, oil rises to US$47

Monday morning saw oil prices in Asia rise to US$47 a barrel in anticipation of production cut by OPEC at its meeting on Wednesday in Algeria. Rising by almost one dollar, light, sweet crude for January delivery rose to US$47.20 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. In London, January Brent crude rose to US$47.35 on the ICE Futures exchange. Oil prices have recovered from 4 year lows of US$40.50 a barrel reached earlier this month, on expectations that an OPEC output reduction could be the catalyst to stabilize the oil price, which has fallen 65% since July.
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