Crude oil up on possible OPEC production cut 2008-10-21 03:41:17   Print

    NEW YORK, Oct. 20 (Xinhua) -- Crude oil went up on Monday as investors predicted that the OPEC will almost certainly decide to cut crude output at an emergent meeting later this week.

    Light, sweet crude for November delivery rose 2.40 U.S. dollars to settle at 74.25 dollars a barrel on the New York Mercantile Exchange. The futures rose as high as 76.12 dollars a barrel during the trading.

    Crude mainly gained on OPEC's decision of production cut. OPEC President Chakib Khelil said Sunday the organization plans to announce a "substantial" output cut at the meeting held on Friday in Vienna.

    Khelil said OPEC may cut output again at a meeting in December. He said OPEC believes the world oil market is oversupplied by about 2 million barrels a day.

    In London, Brent crude for November delivery rose 2.46 dollars to 72.06 dollars on the ICE Futures Exchange.

    Crude has lost about 50 percent from its record high of 147.27 dollars a barrel reached on July 11.

Editor: Yan
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