Triggered by an attack on an oil facility in Iraq and a statement by Saudi Arabia's oil minister that OPEC might decide to cut output again when it meets next month, oil prices rose by over a dollar on Monday. Light sweet crude for January delivery rose to US$60.32 a barrel on the New York Mercantile Exchange. Brent crude settled at US$60.44 per barrel on the ICE Futures Exchange in London.
Crude prices have responded to comments from the Saudi oil minister indicating that OPEC would evaluate the effect of October's decision when it meets next month in Abuja, and if necessary authorize another cut. Though this statement has been made by OPEC members before, when the Saudis say it, the markets take it more seriously.
28-Nov-06 
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