Newspaper article THE JOURNAL RECORD

Oil Futures Aided by OPEC Meeting

Newspaper article THE JOURNAL RECORD

Oil Futures Aided by OPEC Meeting

Article excerpt

NEW YORK (AP) _ Oil futures prices rose Monday as traders continued to focus on the Organization of Petroleum Exporting Countries meeting on oil production levels.

Light sweet crude oil for November delivery settled at $17.73 a barrel, up 16 cents at the New York Mercantile Exchange.

OPEC ministers agreed to limit overall production to 24.5 million barrels a day over the next three months, keeping output at current levels. That drove oil to $18.05 early in the session, traders said.

"But we came off later in the day, because they hadn't reached individual agreements within that quota," said Peter Beutel, an oil specialist at Brody, White Co. "The bottom line here is people are waiting to see OPEC do it completely and put it together."

The 12-member cartel has seen oil prices drop well below its target, recently to the lowest since before the Persian Gulf War three years ago.

Overproduction by OPEC members has been blamed, in part, for the decline. …

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