December 15, 2006	Friday	Ziqa'ad 23, 1427

LONDON, Dec 14: World oil prices rose above $62 a barrel on Thursday after the Organisation of Petroleum Exporting Countries said it would slash crude output by 500,000 barrels per day from February 2007.

Dealers said prices were supported also by news that US energy inventories had fallen across the board last week.

New York's main contract, light sweet crude for delivery in January, leapt $1.13 to $62.50 per barrel in pit trading on Thursday. It earlier touched as high as $62.72.

In London, Brent North Sea crude for January delivery jumped 76 cents to $62.09 in electronic deals after earlier surging as high as $62.81.

“Prices have jumped higher ... breaking through $62 per barrel on news of Opec's further cuts,” said Barclays Capital analyst Kevin Norrish.—AFP