Oil prices recovered to levels above US$60 in Asian trade on news of OPEC calling for a production cut following a recent price drop. Contributing to market sentiments was news that North Korea has carried out a nuclear test. New York's main contract, light sweet crude for November delivery, rose to US$60.40 a barrel and Brent North Sea crude for November rose to US$60.50.
OPEC, the 11-member oil cartel has maintained an output quota of 28 mln bpd since June 2005, despite a 25% fall in global crude prices since July. OPEC is considering an output cut that could lower production by 1 mln barrels of oil per day.
09-Oct-06 
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