Oil prices spiked to levels over US$61 a barrel in Asian electronic trading on forecast of cold weather in the United States and anticipation of supply cut at next month's OPEC meeting. Light sweet crude for January delivery rose to US$61.13 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange. In barely two weeks ago, the front-month crude-oil futures contract has climbed by more than 5 dollars a barrel, but prices are still trading within a range roughly seen since the start of October.
Prices have been rising this week after a report about a statement by Saudi authorities indicating that OPEC would evaluate the effect of October's decision to cut output when it meets next month in Abuja, Nigeria, and if necessary authorize another cut
29-Nov-06 
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