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發表於 2006-10-5 23:25:13
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Oct. 5 (Bloomberg) -- Crude oil rose the most in a week, surpassing $60 a barrel, on speculation that the Organization of Petroleum Exporting Countries will cut production.
A majority of OPEC's members support reducing output by 1 million barrels a day, or 3.6 percent, Algeria's state news agency reported, citing unnamed people. Kuwaiti and Qatari officials said there was no agreement to cut output. Nigeria and Venezuela said last week they will cut production by a combined 170,000 barrels a day.
``Prices are rising because of the news circulating in the market about OPEC making a cut of 1 million barrels a day,'' said Michael Fitzpatrick, vice president for energy risk management at Fimat USA in New York. ``The plan expands on token cutbacks announced last week by Nigeria and Venezuela.''
The Kuwaiti and Iranian oil ministers have said that they want oil above $60 a barrel. The economies of Persian Gulf oil producers are booming because oil prices have climbed from less than $20 a barrel at the end of 2001. Arab states will earn as much as $500 billion from oil sales this year, the International Monetary Fund forecast in June.
Crude oil for November delivery rose 94 cents, or 1.6 percent, to $60.35 a barrel at 11:04 a.m. on the New York Mercantile Exchange. Prices touched $57.75 yesterday, the lowest since Feb. 16. Futures have declined 23 percent from a record $78.40 a barrel on July 14 as tensions in the Middle East eased and fuel stockpiles increased.
``It's speculated that the price they are trying to defend is more like $55 a barrel as an immediate short-term target,'' said Deborah White, a commodities economist at Societe Generale in Paris. ``That makes a lot of sense because as soon as we went through $60 a barrel and stayed there, then I honestly thought the next stop on prices was going to be $50. I was surprised that we hung around at $58.''
Emergency Meeting
OPEC President Edmund Daukoru said the group is considering an emergency meeting to discuss production, Agence France-Presse reported. OPEC, which pumps 40 percent of the world's crude, is next scheduled to meet in December in Nigeria, where Daukoru is oil minister.
``The OPEC talk is making us a little nervous,'' said Aaron Kildow, a broker at Prudential Financial Derivatives LLC in New York. ``Now is the time to make a cut because we have so much crude to work through and we are in turnarounds.''
Kuwait's oil minister denied reports of an OPEC agreement to cut production, saying he would be more concerned if crude falls below $50 a barrel.
``There is no agreement for an informal cut, or any type of cut,'' Sheikh Ali-Jarrah al-Sabah said in a telephone interview from Kuwait today. ``I have had no consultations with other ministers,'' he said, adding that ``$50 a barrel is a worry.''
Brent crude oil for November settlement rose $1.12, or 1.9 percent, to $60.34 a barrel on the London-based ICE Futures exchange. Futures touched $57.70 yesterday, the lowest since Dec. 30.
To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net .
Last Updated: October 5, 2006 11:17 EDT
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