29 Jan 2009

Oil rises in price

10:23 am on 29 January 2009

Oil prices have risen again after OPEC vowed to have big cuts in production in place by the end of the month.

Since September, members of the Organisation of Petroleum Exporting Countries have agreed to reduce production by 4.2 million barrels per day to counter a fall in prices.

US crude settled at $US42.16 per barrel on Wednesday, up 58 cents, after falling by 9% on Tuesday. London Brent settled at $US44.90, up $US1.17.

A record of $US147.27 per barrel was reached on 11 July, 2008.