Crude Rises As OPEC Considers Production Cuts
Crude oil is higher for the third day in a row on speculation that OPEC will cut production by up to 2m barrels/day when it meets in Vienna on Oct 24th.
Traders estimate that a cut of at least 1m barrels/day is highly likely, and that output could be reduced by double that in an effort to stem the rapid price falls that we have seen over the last few months.
This would be OPEC's first production cut for two years. However, a broadly firmer dollar is capping gains in early trade.
At 8.45am BST December crude was 36c higher at $74.75/barrel.
Traders estimate that a cut of at least 1m barrels/day is highly likely, and that output could be reduced by double that in an effort to stem the rapid price falls that we have seen over the last few months.
This would be OPEC's first production cut for two years. However, a broadly firmer dollar is capping gains in early trade.
At 8.45am BST December crude was 36c higher at $74.75/barrel.
