Saudi to deepen output cut, crude oil recoups
Published on: January 09, 2009 at 12:05
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SINGAPORE: Crude oil prices are recouping in the early trading on Friday on report of more production cut decision of Saudi Arabia, largest oil producer, following Kuwait and Iran.
In the last trading session, the crude price dipped by 2 percent on the back of waning US energy demand.
U.S. crude for February delivery rose 85 cents to $42.55 a barrel by 0356 GMT, after sinking 2.2 percent to settle at $41.70 on Thursday. London Brent crude climbed 88 cents to $45.55.
Experts said the decision to deepen production cut by Saudi Arabia show that the OPEC members are tightening the crude market so as to mount pressure over the crude prices in the international market.
Earlier this week, Kuwait and Iran also told customers of bigger supply curbs this month in a bid to prop up prices. The producer cartel has cut output three times since September.
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