Crude Gains On Ideas Recent Losses Overdone
Crude oil rose for the first time in five days as some traders deemed yesterday's 6.5 percent decline excessive.
Speculation OPEC may announce output cuts at its December meeting as demand slows, was also seen as supportive.
OPEC, supplier of about 40 percent of the world's oil, will take "appropriate measures" to stabilize international markets, Chakib Khelil, the group's president, said yesterday.
At 7.40am November crude stood $2.35 higher at $90.16/barrel, having yesterday fallen to its lowest level since February.
Speculation OPEC may announce output cuts at its December meeting as demand slows, was also seen as supportive.
OPEC, supplier of about 40 percent of the world's oil, will take "appropriate measures" to stabilize international markets, Chakib Khelil, the group's president, said yesterday.
At 7.40am November crude stood $2.35 higher at $90.16/barrel, having yesterday fallen to its lowest level since February.
