From the Oz.Oil rises as OPEC signals big output Cut December 8,...

From the Oz.


Oil rises as OPEC signals big output Cut

December 8, 2008 - 2:58PM

Crude oil rose for the first time in seven days in New York after the Organization of Petroleum Exporting Countries’ president said there was consensus for a ''significant'' production cut when the group meets next week.

A ''severe'' cut may be needed to halt the more than 70% decline in prices since the July record, group president Chakib Khelil told the Associated Press. Some analysts are targeting a reduction of as much as 2 million barrels a day, he said, without saying how big a cut the group is planning.