New York's main contract, light sweet crude for November delivery rose by over a dollar to US$72.97. Oil prices witnessed a one dollar rise as concerns mount about OPEC's possible plans to announce production cuts at a special meeting in Vienna this week. Brent North Sea crude for December rose to US$70.55.
OPEC members, who pump about 40% of the world's oil, seem keen to reduce output in a bid to prop prices, as crude prices have crashed to half since July. A special ministerial meeting in Vienna on the impact of the financial crisis on oil prices has been brought forward to October 24 instead of November 18 by OPEC.OPEC, led by the world's biggest oil exporter Saudi Arabia, has not officially indicated whether production levels would be altered at the meeting but its current chief has said that the cartel should order a "substantial" cut in oil output.
20-Oct-08 
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