Published on Fri, Oct 24, 2008 at 08:29 | Source : CNBC-TV18
Updated at Fri, Oct 24, 2008 at 17:05
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Crude slips by $4/bbl; hits $63.76/bbl
Crude prices rebounded from 16-month lows on expectation that OPEC will trim output to stem a slide in crude prices in its meeting scheduled today in Vienna. In after hours access trading, Nymex crude is at USD 68.38 per barrel.
During intra-trading crude slipped USD 4 per barrel and is now trading at USD 63.76 per barrel
Earlier CNBC-TV18 has reported that crude prices had rebounded from 16-month lows on expectation that OPEC (Organization of the Petroleum Exporting Countries) would trim output to stem a slide in crude prices in its meeting scheduled today in Vienna.
Ahead of the meet, OPEC President said that the cartel will cut oil output, but the size is still undetermined.
Gulf OPEC countries want supply cut of about one million barrels per day (bpd) while Iran has asked for about two-three million bpd.
Many traders say that they want a cut of at least two- three million bpd to stem the slide in prices, other wise this market could see the test of USD 50 per barrel soon.
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