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Oil Prices Rise Amid Mixed Output Signs

VIENNA, Austria -- Crude oil futures rose Wednesday as traders bought back into the market on the heels of a steep drop prompted by concerns about the U.S. economy, according to the Associated Press.

Mixed signals from OPEC, meanwhile, kept the market guessing about whether the cartel would increase production.

The president of the Organization of Petroleum Exporting Countries said the group stands ready to put more oil into the market, although it had no plans to do so yet. But several OPEC oil ministers questioned the need for such a move.

Light, sweet crude for January delivery on the New York Mercantile Exchange rose 33 cents to $94.75 a barrel in electronic trading by afternoon in Europe. The contract fell more than $3 a barrel on Tuesday.

Posted by Peter C. T. Elsworth  at 10:29 AM to Crude oil market | Permalink

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