Saudi Support for OPEC Production Cut Triggers Rise in Oil Prices
NEW YORK --- Oil prices climbed above $58 a barrel yesterday after Saudi Arabia expressed support for an OPEC plan to cut production by 1 million barrels a day.The proposed cut would begin Nov. 1, according to an AP report. OPEC ministers were meeting in Doha, Qatar to work out the details. This will be the first cut since December 2004. At that time, oil traded at just above $40 a barrel.On Thursday, light sweet crude for November delivery climbed 99 cents to reach %58.64 a barrel in afternoon trading on the New York Mercantile Exchange, the AP reported. Saudi Arabia's support for OPEC's plan to curb production was expressed Thursday by Ali Naimi, the country's oil minister.