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OPEC comments send oil higher in Asian trade

OPEC comments send oil higher in Asian trade

World oil prices were higher in Asian trade yesterday afternoon, pushed up in reaction to OPEC's comments that the cartel was prepared for "further measures" to shore up the market, analysts said.
Prices were also partly boosted by a severe cold spell sweeping across the northeast U.S., they said.
New York's main contract, light sweet crude for February delivery put on US$1.18 to US$38.96 a barrel in afternoon trade. Brent North Sea crude for February delivery added US$0.13 to US$44.96.
OPEC oil producers are prepared for "further measures" to shore up crude prices, the cartel's secretary general said Tuesday, adding that it was too soon to determine the impact of an output cut that took effect Jan. 1.
Victor Shum, an analyst with energy consultancy Purvin and Gertz, said prices were reacting to the latest comments by the OPEC chief but doubted if the gains could be sustained.


Updated : 2021-04-14 10:56 GMT+08:00