PERTH, Oct 27 (Reuters) - U.S. crude futures clawed back
some lost ground on Monday, hovering above $64 a barrel, after
falling near $4 in the previous session as global recession
worries offset an OPEC agreement to cut output.
* NYMEX crude for December delivery was trading up
52 cents at $64.67 a barrel in Globex electronic trading by
2229 GMT. The contract settled $3.69 lower at $64.15 a barrel
on Friday, after briefly touching $62.65, its lowest since May
2007.
* An emergency OPEC meeting on Friday reached a swift
agreement to chop production by 1.5 million barrels per day
(bpd) in an effort to halt a deep slide in oil prices.
[ID:nLO735433]
Kuwait's oil minister said OPEC is concerned about a fall
in oil prices after it cut output by 1.5 million barrels per
day but it will take time to determine whether the reduction is
deep enough.
* Signs of a sharp slowdown in Europe and a barrage of
profit warnings and job cut announcements from companies around
the world intensified fears of deep global recession on Friday.
* Emerging economies that qualify for a proposed new
liquidity fund at the International Monetary Fund could be
eligible for an unusually high level of funding.
In the latest intervention by authorities, the
International Monetary Fund on Sunday reached an agreement in
principle with Ukraine for a $16.5 billion loan package to ease
the effects of the financial crisis. [ID:SP182838]
* Gabon oil unions began a strike on Sunday but a minority
of workers observed the strike and it had little effect on
operations after last-minute government concessions, Shall
Gabon said. [ID:nL735932]
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Diary of upcoming energy news and events
[O/DIARY]
Oil prices as of 2229 GMT
Contract Mnth Price Change Day ago pct MA-20*
NYMEX Contracts
US Crude DEC8 $64.67 +0.52 -$3.69 -5.44% $81.72
Heat Oil NOV8 195.70 +1.05 -8.32 -4.10% 236.78
RBOB NOV8 0.00 +0.00 -9.99 -6.33% 193.11
Natgas NOV8 $6.167 -0.072 -$0.180 -2.80% $6.872
ICE Contracts
Brent DEC8 -- +0.00 -$3.87 -5.87% $78.53
Gasoil NOV8 -- +0.00 -$38.50 -5.77% $771.65
Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
* = 20-day moving average for continuation month.
(Reporting by Fayen Wong)
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