Mar 15 2009
Russia is poised to hold a conference in Moscow and invited OPEC representatives to take part and discuss the procedure for setting oil prices, Deputy Prime Minister Igor Sechin said during a meeting with President Dmitry Medvedev. Sechin indicated that Moscow would suggest a gradual transition to the new system of price formation, the Vesti [...]
Feb 13 2009
Oil rose back above $34 a barrel Friday in Asia after concerns about weakening U.S. consumer demand sent crude near five-year lows overnight.
Light, sweet crude for March delivery rose 41 cents to $34.39 a barrel by afternoon in Singapore on the New York Mercantile Exchange. The contract fell $1.96 overnight to settle at $33.98 a [...]
Dec 04 2008
Oil prices closed at less than $47 a barrel on Tuesday as news that OPEC made only two-thirds of its pledged output cuts last month outweighed a rebound in the U.S. stock market. New York light sweet crude for January dropped $2.32 to close at $46.96, the first time the benchmark contract has settled below [...]