$62.42 a barrel at 07:10
$62.33 at 07:54.
OPEC surprise: Output cut may be on hold
Cartel responds to oil importing countries afraid that supply curbs will push prices too high.
December 14 2006: 6:11 AM EST
ABUJA, Nigeria (Reuters) -- OPEC Thursday was considering delaying an oil output cut until the northern winter has passed, responding to the calls of importer nations afraid supply curbs now will drive prices higher and hurt their economies.
The group that pumps over a third of the world's oil has already reduced production once this year - by 1.2 million barrels a day, or about 4 percent, in October to halt a 10-week, 25 percent slump in the price of oil.
Stocks ended a tumultuous session little changed Wednesday, as investors welcomed bullish November retail sales, but showed caution amid rising oil prices and Treasury yields.
On Thursday, investors will watch for earnings from
Lehman (
Charts) and
Bear Stearns (
Charts), which follows on the heels of Tuesday's record earnings from rival Goldman Sachs, where profits nearly doubled.
Oil prices jumped after OPEC
decided to cut oil production by another 500,000 barrels a day, but not until Feb. 1, according to Reuters. U.S. crude jumped $1.05 to $62.42 a barrel in electronic trading. Brent crude futures gained $1.18 to $62.51 in London.
Elsewhere, the dollar crept higher against the euro and the yen while
Treasury bond prices also rose, taking the yield on the benchmark 10-year note to 4.57 percent from 4.58 percent.
In other corporate news,
Hewlett-Packard (
Charts) and
Microsoft (
Charts) announced they have agreed to invest jointly at least $300 million over three years and
work.
http://money.cnn.com/2006/12/14/markets/stockswatch2/index.htm?postversion=2006121407
Down $.22 this morning. Opps $62.69 at 11:35, Damnit!
