Business | Oil & Gas
Price of oil rises to $70 per barrel
Oil rose to nearly $2 on Friday after a global stock market rally. US crude for November delivery rose $1.03 to $70.88 a barrel on Friday, a day after touching a low of $68.57.
- Agencies
- Published: 14:01 October 17, 2008
London: Oil rose to nearly $2 on Friday after a global stock market rally.
US crude for November delivery rose $1.03 to $70.88 a barrel on Friday, a day after touching a low of $68.57.
London Brent crude gained 63 cents to $68.47.
Prices drew support from a decision by the Organisation of Petroleum Exporting Countries (OPEC) to bring its emergency meeting forward to next week, which has raised expectations of a supply cut.
Analysts said oil traders were also betting that OPEC would reduce supply to support prices when it meets next week.
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
