Crude oil rebounds to $67 per barrel, as OPEC meeting nears

www.chinaview.cn 2008-10-24 04:37:38

NEW YORK, Oct. 23 (Xinhua) --

Crude oil prices rebounded on Thursday as some OPEC members called for deeper production cut on the emergent meeting tomorrow.

Light, sweet crude for December delivery rose 1.09 U.S. dollars to settle at 67.84 dollars a barrel on the New York Mercantile Exchange. Price hit a 16-month low of near 66 dollars a barrel Wednesday as a greater-than-expected build up in U.S. fuel stockpiles exacerbated concerns over slumping demand due to a global economic downturn.

Oil prices shot higher Thursday after Iran insisted OPEC cut oil production by two million barrels a day. OPEC is expected to announce a substantial production cut as much as three million barrels a day on its emergent meeting in Vienna Friday.

OPEC President Chakib Khelil has said the ideal oil price would be between 70 and 90 dollars a barrel. Crude oil price has fallen 54 percent since its all time record of 147.27 dollars a barrel on July 11.

In London, Brent crude for December delivery rose 2.39 dollars to 66.91 dollars a barrel on the ICE Futures Exchange.

Editor: Yan

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