Oil on the Nymex rises by almost two dollars as OPEC mulls output cut

18-Sep-14

OPEC Chief indicated that the cartel could cut its production target for 2015 by 500,000 bpd from 30 mln bpd to 29.5 mln bpd, after talks with Russian Energy Minister Alexander Novak in Vienna. World oil prices rebounded sharply - US benchmark West Texas Intermediate for October delivery spiked by US$1.96 to US$ 94.88 a barrel on the New York Mercantile Exchange. European benchmark Brent oil for November delivery gained US$1.17.