NEW YORK, Jan 23 (Reuters) - Oil prices rose more than 6 percent on Friday as mounting evidence that OPEC is complying with the bulk of its record output cuts countered gloomy economic data that further dimmed the outlook for global energy demand.
U.S. crude CLc1 settled up $2.80 at $46.47 a barrel, while London Brent LCOc1 rose $2.98, to $48.37 a barrel.
The gains came after oil consultant Petrologistics estimated OPEC production would fall by 1.55 million barrels per day in January as part of the cartel's efforts to meet a 2.2 million bpd reduction agreed in December.
"I think this represents anticipation that the OPEC production cuts are really happening after the Petrologistics estimates on January OPEC production," said Tim Evans, energy analyst for Citi Futures Perspective.
Members of the Organization of Petroleum Exporting Countries are cutting output in reaction to a slide of more than $100 in oil prices since July as global economic weakness slams energy demand.
source: www.uk.reuters.com
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1 comment:
I can see cos the price is rising once again in Cambodia.
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