|
Oil prices edge higher
|
 |
March 9, 2000: 4:29 p.m. ET
Crude regains upward momentum after producers agree to set output hike
|
NEW YORK (CNNfn) - Oil prices edged higher Thursday on the back of Wednesday's sharp decline after two producers agreed to establish an output hike in order to stabilize supply and prices.
Benchmark Brent crude rose to $29.30 a barrel, up 50 cents for the day after a massive $3 fall on Wednesday. In New York, April crude oil futures gained 43 cents to $31.69, having peaked at $34.20 on Tuesday.
On Thursday, Saudi Crown Prince Abdullah set the seal on a fledgling consensus among the Gulf nations by saying that Saudi Arabia was keen to ensure stable supplies and prices.
Mexico, OPEC's main ally in this year's export curbs, chimed in by saying it had already decided how much extra to export. In recent weeks, Saudi Arabia had signaled it was willing to raise supplies, but Iran had said that the producers' group should extend the cuts because of seasonal declines in demand.
The Clinton administration said Thursday it welcomed Iran's decision to work with Saudi Arabia, a rival within the OPEC membership, to implement a crude oil production increase that would replenish world supplies and hopefully stabilize prices by the end of April.
Crude oil prices fell sharply on Wednesday after Iran and Saudi Arabia, which rarely see eye to eye on oil issues, released an unusually cordial statement expressing joint support for OPEC to boost production. 
--from staff and wire reports
|
|
|
|
|
 |
|
