December 27, 2008

Oil Price Rises 6.7 Percent on Friday

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NEW YORK --- For the first time in four days, crude oil futures rose Friday as traders bought the contracts following their 9.3 percent slump in the previous session, MarketWatch reported.

Crude for February delivery climbed $2.36, or 6.7 percent, to reach $37.71 a barrel on the New York Mercantile Exchange. Despite the gain, oil finished the week down 11 percent, according to MarketWatch. Futures, down more than 60 percent so far this year, are poised for their worst year on record since crude started futures trading on the New York Mercantile Exchange in 1983, according to data collected by FactSet Research.

The Organization of Petroleum Exporting Countries has failed to stabilize oil prices, despite the cartel's November decision to cut 1.5 million barrels a day. At a December meeting, OPEC agreed to slash output by 2.2 million barrels a day.

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