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NYMEX crude rises after $4 slide, hovers above $64

2008-10-26 22:43:22 GMT (Reuters)
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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]

To read the previous day's closing report click on [O/R]

To read the previous technical report click on [O/I]

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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