Oil prices rose on an announcement that OPEC would meet later this week to discuss production quotas, as well as a possible output cut by 1 million bpd to stop falling prices. The market also reacted to last week's shutdown at two of Norway's offshore oil platforms that has resulted in a 10% reduction in flow from the world's third-largest oil exporter as well as an early snowstorm that hit western New York state late last week. Light, sweet crude for November delivery rose to US$59 in midmorning Asian trading on the New York Mercantile Exchange.
Crude oil has dropped by more than 25% since a mid-July high of US$78.40. OPEC's last output cut of 1 million bpd was in December 2004 when oil traded slightly above US$40 a barrel.
16-Oct-06 
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