Crude Higher On OPEC Cut Anticipation

Crude oil is a dollar higher at $43.07/barrel at 10.00am GMT ahead of next week's OPEC meeting in Algeria, seemingly building a support base at around the $40 level.

Recognising the need to get tough various OPEC members have issued statements this week using the words "substantial" and "shock" to describe what may be in store at next week's meeting.

A cut of somewhere in the 2-3 million barrels/day region is being mooted by analysts as possibly on the cards.

Billionaire hedge-fund manager T. Boone Pickens was quoted as saying that OPEC will "work it back up to $100," in an interview in New York yesterday.

I'm sure that they eventually will, but what's the time frame in all of this?

"It will all be determined by the global economy. If you get a recovery in the global economy, you will get it back up," he said.