After the previous sessions dip, oil continued to hover around US$46, on expectation that OPEC's supply curbs have yet to halt a steady rise in US crude oil stocks. Even as OPEC members are implementing the group's biggest ever 2.2 mln bpd production cut agreed last month, US crude oil inventories continue to rise on deteriorating demand. US light, sweet crude for March delivery hovered at US$45.85, while London Brent crude was at US$46.94 a barrel. As OPEC's latest production cuts are being put into effect by OPEC members, oil prices have climbed up from lows of US$33 a barrel over the past week, but forecasts showing a likely large rise in inventory levels have wrested the rally on Monday.
27-Jan-09 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}