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| Version 1 | Version 2 |
|---|---|
| Oil prices up on talk of Opec cut | Oil prices up on talk of Opec cut |
| (about 5 hours later) | |
| Oil prices have rebounded from four-year lows after Opec's president said the oil cartel could announce a large reduction in oil production. | Oil prices have rebounded from four-year lows after Opec's president said the oil cartel could announce a large reduction in oil production. |
| US light, sweet crude rose $2.90 to settle at $43.71 a barrel, while London's Brent added $3.68 to $43.42. | |
| On Friday, oil prices fell to a low of $40.50 after weak US economic data. | On Friday, oil prices fell to a low of $40.50 after weak US economic data. |
| Opec President Chakib Khelil said on Saturday the cartel could "surprise" markets with an output cut at its meeting on 17 December in Algeria. | Opec President Chakib Khelil said on Saturday the cartel could "surprise" markets with an output cut at its meeting on 17 December in Algeria. |
| He did not specify how big the cut could be, but said that some analysts were expecting a reduction of up to 2 million barrels per day. | He did not specify how big the cut could be, but said that some analysts were expecting a reduction of up to 2 million barrels per day. |
| Economic factors | Economic factors |
| "The possibility of Opec moving to tighten up the oil market is real," said David Moore at Commonwealth Bank of Australia. | "The possibility of Opec moving to tighten up the oil market is real," said David Moore at Commonwealth Bank of Australia. |
| A jump in stock markets and hopes for a stimulus plan for US carmakers also helped support oil prices. | A jump in stock markets and hopes for a stimulus plan for US carmakers also helped support oil prices. |
| Oil prices reached an all-time record of $147 a barrel in July. | Oil prices reached an all-time record of $147 a barrel in July. |
| Now analysts forecast much lower prices amid the worsening situation in the global economy. | Now analysts forecast much lower prices amid the worsening situation in the global economy. |
| Merrill Lynch said crude prices could fall to $25 a barrel if China is hit hard by the global recession. | Merrill Lynch said crude prices could fall to $25 a barrel if China is hit hard by the global recession. |