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| Oil price will steady in Dec before rebound: OPEC |
| 2008-12-20 |
| Oil prices are likely to stabilize around current levels in December before OPEC output cuts take effect in strengthening the market, OPEC President Chakib Khelil said on Friday. "It will stabilize somewhere where it is now as we don't really know how the economy will evolve," Khelil said when asked his view of oil prices for the balance of the year. Oil fell below $34 on Friday to its lowest level in more than 4-1/2 years as the global economic slowdown overshadowed OPEC's record supply cuts. U.S. light crude for January delivery touched $33.44 in early Friday trading, the lowest since April 2004. London Brent crude was trading at $43.54. Oil prices have fallen by more than $110 from their peak above $147 in July. They look set for their second biggest weekly decline since 2003. |
| Posted by:Fred |
| #1 "Khelil, how'bout generous 20 bucks?" |
| Posted by: Spike Uniter 2008-12-20 04:38 |