Oil prices rise by over four dollars as Russia readies to cut output with OPEC

12-Dec-08

An almost 10% jump was seen in oil prices jumped as Russia has readied to join forces with OPEC to slash production in a bid to propel prices. Light sweet crude for delivery in January spiked by over 4 dollars to US$47.68 a barrel on the New York Mercantile Exchange (NYMEX), and to US$46.7 in London on the ICE. Russia is not an OPEC member but ranks alongside Saudi Arabia, de facto leader of the cartel, as the world's largest oil exporter.