Business | Oil & Gas
Oil price surges to more than $101 a barrel
Oil prices have surged to more than $101 after fears that Opec nations will reduce output.
- Agencies
- Published: 09:14 February 20, 2008
New York: Oil prices have surged to more than $101 after fears that Opec nations will reduce output.
In New York, light sweet crude oil finished trading on Tuesday at $101.01 a barrel, a rise of $4.51 on the day.
Opec producers are due to meet on March 5 but analysts are predicting they will cut oil production because of the slowdown in the US economy.
The speculation has been fuelled by comments from Opec president Chakib Khalil, who said that production was going to either remain stable or be cut.
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