Oil bounces back to settle above $47 a barrelMarch 13th, 2009 - 3:37 am ICT by IANS
New York, March 13 (Xinhua) Crude oil prices Thursday jumped more than 11 percent to settle at $47.03 a barrel on a better-than-expected US retail sales data and the upcoming meeting of the Organisation of the Petroleum Exporting Countries (OPEC) in Vienna Sunday.Light, sweet crude for April delivery rallied $4.70 to settle at $47.03 a barrel on the New York Mercantile Exchange.
The US Commerce Department reported that retail sales dropped 0.1 percent in February, which was better than the 0.5 percent drop expected by economists. Investors believe it may signal that consumer spending could be stabilising.
OPEC will meet Sunday to discuss output policy and investors have been speculating that the oil cartel would talk about stricter compliance with its existing production cuts. Some members, including Venezuela and Iran, have said that further output cut is necessary.
In London, Brent crude gained $3.69 to $45.09 a barrel on the ICE Futures Exchange.
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