LONDON, 27 September 2006 — World oil prices traveled in different directions yesterday after OPEC signaled that it would not cut output before December to help strengthen crude futures.
The Organization of Petroleum Exporting Countries said it was not considering an emergency session ahead of its scheduled December meeting, despite recent heavy price falls for crude, dealers said.
Markets also reacted to news from British energy giant BP that it expected Prudhoe Bay, the biggest US oil field, would resume full production totaling 400,000 barrels daily by the end of October.
At about 1630 GMT, New York’s main contract, light sweet crude for delivery in November, gained 15 cents to $61.60 per barrel in pit trading. The contract had sunk to $59.52 on Monday, the lowest level since March 8.
In London yesterday, Brent North Sea crude for November delivery fell 15 cents to $60.65 per barrel in electronic trading. It touched a low of $59.32 on Monday - last seen also on March 8.
Meanwhile, the dollar gained ground on the euro yesterday. The single European currency in late-day trade was at 1.2688 dollars against 1.2747 late Monday in New York. The dollar was meanwhile trading at 117.03 yen after 116.53 on Monday.
The euro was changing hands at 1.2688 dollars against 1.2747 dollars on Monday, 148.44 yen (148.61), 0.6693 pounds (0.6708) and 1.5780 Swiss francs (1.5790). The dollar stood at 117.03 yen (116.53) and 1.2441 Swiss francs (1.2384).