Oil rises slightly to US$67 in Asia as investors look to OPEC production cut

Business Materials 23 October 2008 08:05 (UTC +04:00)

Oil prices have rebounded from a 16-month low to rise slightly to US$67 in Asia on expectations OPEC will move to shore up plummeting prices with an output quota cut on Friday, the Associated Press reported.

Light, sweet crude for December delivery rose 70 cents to US$67.45 a barrel in electronic trading on the New York Mercantile Exchange by midday Thursday in Singapore.

The contract Wednesday fell US$5.43 to settle at US$66.75 a barrel.

In other Nymex trading, heating oil futures rose 1.25 cents to US$2.05 a gallon, while gasoline prices gained 1.86 cents to US$1.59 a gallon. Natural gas for November delivery was steady at US$6.77 per 1,000 cubic feet.

In London, November Brent crude was up 73 cents to US$65.25 a barrel on the ICE Futures exchange.