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Crude prices jump as OPEC to cut supply
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08:11, February 27, 2009

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Crude prices jumped Thursday as OPEC will cut output again.

OPEC member the United Arab Emirates announced it was cutting back supplies to Asia for April after the cartel warned to cut more production when it meets in March.

Since September, OPEC has cut output by 4.2 million barrels per day as part of efforts to stem the steep drop in prices as demand shrinks.

U.S. government data released on Wednesday showed U.S. gasoline demand is rising over the last week while imports over the last two weeks are more than 10 percent below the prior month's average.

Light, sweet crude for April delivery jumped 6.4 percent, or 2.72 U.S. dollars to settle at 45.22 dollars a barrel on the New York Mercantile Exchange.

In London, Brent prices rose 2.22 dollars to settle at 46.51 dollars on the ICE Futures exchange.

Source: Xinhua

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