Brent crude oil for November settlement climbed 50 cents to $61.04 a barrel on the London-based ICE Futures exchange.
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OPEC to Reduce Production, Oil Prices Rising
OPEC President Edmund Daukoru called for an output reduction
Crude oil rose for a second day because some traders expect the Organization of Petroleum Exporting Countries to institute a group-wide production cut by the end of the year.
OPEC President Edmund Daukoru wrote a letter to the group's 11-members calling for an output reduction of 1 million barrels a day effective from Nov. 1 in an effort to bolster prices, an OPEC spokesman in Vienna said today. OPEC will rely on an informal agreement and won't hold an emergency meeting this month, Levi Ajuonuma, a Daukoru spokesman, said yesterday.
Crude oil for November gained as much as 72 cents, or 1.2 percent, to $60.68 a barrel in after-hours electronic trading on the New York Mercantile Exchange.
Brent crude oil for November settlement climbed 50 cents to $61.04 a barrel on the London-based ICE Futures exchange.
Brent crude oil for November settlement climbed 50 cents to $61.04 a barrel on the London-based ICE Futures exchange.
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