News // Oil and gas worldwide
Oil Prices Jump 11% on Retail
13 March 2009 , 06:10941
Light, sweet crude for April delivery rallied 4.70 dollars to settle at 47.03 dollars a barrel on the New York Mercantile Exchange.
The U.S. 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 stabilizing.
OPEC will meet on Sunday to discuss output policy and investors have been speculating that the oil cartel will 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 dollars to 45.09 dollars a barrel on the ICE Futures Exchange.
Source: Xinhua News Agency
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