Trump threatens 50% tariffs on Brazil if it doesn't stop the Bolsonaro 'witch hunt' trial    Trump praises 'good English' of Liberian president, prompting criticism across Africa    Saudi, Hungarian defense ministers discuss military ties    Al-Rajhi: Cabinet's decision is supportive to most vulnerable groups    King Salman appoints Dr. Majid Al-Fayyad as Royal Court advisor    Alkhorayef emphasizes Saudi Arabia's growing role as global industrial investment hub    Saudi Arabia adopts World Drowning Prevention Day as national health priority    GACA imposes SR2.8 million in fines for 87 civil aviation violations in Q2 2025    Desperate Gaza doctors cram several babies into one incubator as fuel crisis reaches critical point    Total e-messages sent to parties in lawsuits reach over 11.8 million during first half of 2025    3 arrested in assault case in Riyadh    New Property Ownership Law will take into effect in January 2026 Al-Hogail thanks King and Crown Prince for the updated law    HONOR returns to Esports World Cup as Official Smartphone Partner for 2025 The renewed commitment will see HONOR elevate mobile esports competition with cutting-edge AI technologies and industry-leading hardware    Riot Games responds to match-fixing allegations in VALORANT    BLAST responds to BESTIA Visa controversy ahead of CS2 Austin major    Christophe Galtier named NEOM SC head coach ahead of historic Saudi Pro League debut    Michael Madsen, actor of 'Kill Bill' and 'Reservoir Dogs' fame, dead at 67    BTS are back: K-pop band confirm new album and tour    Michelin Guide launches in Saudi Arabia with phased rollout in 2025    'How fragile we are': Roskilde Festival tragedy remembered 25 years on    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Oil price rallies on fears of OPEC cut; Wall Street lower
Published in The Saudi Gazette on 18 - 10 - 2008

Oil prices recovered some ground Friday, rallying above $71 a barrel on speculation that OPEC could slash output in an effort to stop crude's downward spiral.
Light, sweet crude for November delivery rose $2 to settle at $71.85 a barrel on the New York Mercantile Exchange after earlier rising as high as $74.30. On Thursday, prices lost $4.69 to settle at $69.85 a barrel.
Oil is now down $75 – or 51 percent – since catapulting to a record high of $147.27 on July 11.
In London, December Brent crude rose $1.76 to settle at $69.60 a barrel on the ICE Futures exchange.
The bearish sentiment around oil has grown more feverish in recent days, lopping more than $11 off prices in the previous three trading sessions alone. A barrel of crude hasn't been this cheap in almost 14 months.
The pullback comes as a widening economic slowdown forces a wholesale contraction in US energy demand: Americans are driving less, airlines are keeping more planes on the ground and businesses are ramping down operations.
Worried about the financial fallout of the oil price drop, the Organization of Petroleum Producing Countries, which controls 40 percent of the world's oil supply, called a special meeting for next Friday in Vienna, Austria to address the slide. Underscoring the OPEC's anxiety, it moved up the date of the meeting by nearly a month.
Analysts said OPEC could decide to trim output by as much as 1 million barrels a day in a bid to halt the slide, in addition to a 500,000 barrel per day cut announced last month.
Wall Street stocks lost ground in volatile trade Friday as investors turned cautious in the last day of a tumultuous week marked by swings of panic and optimism over the global financial crisis.
The Dow Jones Industrial Average shed 127.04 points (1.41 percent) to close at 8,852.22, capping a week of ups and downs that saw the blue-chip index gain 4.7 percent after a horrific 18 percent meltdown the prior week.
The Nasdaq composite lost 6.42 points (0.37 percent) to 1,711.29 and the broad Standard & Poor's 500 index dropped 5.88 points (0.62 percent) to 940.55.
After a strong rally Thursday, the market saw more wild swings, with the Dow index rising up to 300 points and trading as much as 260 points lower during the session.
Analysts said investors were still cautious about the impact of a global credit crunch even after governments around the world agreed to pour vast amounts of cash into banks to help ease the crisis.


Clic here to read the story from its source.