LONDON, Nov 13: Oil prices rose on Thursday after an Opec source said the oil producers cartel was “very likely” to hold an emergency output meeting later this month.
“It is very likely that this is what will happen,” an Opec source told AFP when asked about market rumours of a Cairo output meeting of Opec ministers on Nov 29.
“This is what is in the air... it should be announced soon,” added the source, who asked not to be named.
Oil prices rose on Thursday but not before they had slumped to a three-and-a-half-year low point close to $50 a barrel in London trading owing to weaker energy demand caused by a global economic slowdown.
Crude futures have slumped by about two-thirds compared to record highs of above $147 a barrel in July, when fears of supply disruptions had sent them rocketing.
In Thursday trade, Brent North Sea crude for delivery in December tumbled to $50.60 a barrel -- the lowest point since May 2005.—AFP
Dear visitor, the comments section is undergoing an overhaul and will return soon.