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Oil price rebounds in New York on anticipated OPEC output cut
29/12/2005 11:17

Oil prices rebounded on Wednesday as investors anticipated OPEC may cut its output ceiling by 1 million barrels each day.
Crude for February delivery closed up US$1.66 at US$59.82 a barrel on the New York Mercantile Exchange.
Natural gas also rose by 40.9 cents to US$11.43 per million British thermal units.
Unleaded gasoline increased 7.56 cents to US$1.589 a gallon and heating oil was up 4.55 cents at US$1.6825 a gallon.
The rise in oil prices came after the Organization of Petroleum Exporting Countries' second biggest producer, Iran, said it wanted to cut the oil cartel's production ceiling by 1 million barrels each day at OPEC's next meeting on Jan. 31.
The rally in crude futures pulled natural-gas futures off their lows.
Natural gas had lost about US$3 in the past three sessions after mild weather forecasts and data showing the well- supplied with gas in storage in US prompted a wave of selling.